April 2025 Market Recap and May Liquidity Outlook
1. SPX, Treasury Yields, and GOLD
After the Trump administration's April 2 reciprocal-tariff announcement, macro- and micro-level uncertainty surged. Funds left equities, the main risk-asset class, and Treasury yields moved differently from Q1 2025.
In theory, when equities fall long yields tend to fall too — recession fear lifts
