As Trade Euphoria Fades, Markets Return To Parsing Central Bank Guidance

The global risk-on mood catalyzed by the tentative Sino-US trade truce struck in Osaka faded on Tuesday, after the USTR proposed tariffs on another $4 billion in European goods. The provocation, tied to a long-running dispute over Airbus subsidies, served as a stark reminder that the world's largest economy is still in the hands of an administration inclined to promote tariffs "as a kind of miracle cure for all possible issues that involve another country", to quote SocGen. The RBA cut rates f