“Consumer Confidence across various age and income groups rebounded after the U.S. and China agreed to pause retaliatory tariffs,” said Jeffrey Roach, chief economist for LPL Financial. “Will the rebound hold? Probably not.”
On Wall Street, investors showed hope that the U.S. and European Union can reach a similar deal. June 1 was the date that so-called reciprocal tariffs were set to kick in on EU products, but Trump, over the weekend, had announced new, higher tariffs of up to 50%.
He walked back the threat on Sunday, telling reporters, “We had a very nice call and I agreed to move it.” The European Union now has until July 9 to strike a new deal if it hopes to bring down the tariff rate.
Yields on the 10-year and 30-year Treasury fell as investors breathed a sigh of relief. But the threat of future policy changes still looms.
