Odaily News QCP Capital's latest analysis points out that the Trump administration's first round of trade policies has caused sharp fluctuations in global markets. The bear market flattening of the Treasury yield curve - the 2-year yield rose while the 10-year yield fell, indicating market concerns about short-term inflation and the long-term risks of the trade war to global economic growth.
The widening spread between New York and London gold prices not only reflects the unwinding of popular EFP carry trades, but also suggests that there may be logistical challenges in moving gold between different vaults, reminding the market of the uncertainty that the scope of tariffs may be further expanded.
The cryptocurrency market sold off sharply. As a risk indicator before the opening of the US market, the cryptocurrency market saw nearly $2 billion in liquidations, with ETH falling more than BTC. Analysts believe that today's risk aversion is mainly driven by cross-asset portfolio rebalancing rather than single asset events. It is expected that market volatility will continue before Trump's negotiations with Canada and Mexico and the EU tariff policy are implemented.