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Bond yields were already in steep decline today on ISM news. Trump goosed the market with additional tariffs on China.

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Fed Gets Unwanted Reaction

The Fed cut interest rates yesterday in hopes of steepening the yield curve. I noted Fed Gets Opposite Response It Wanted: Inversions Strengthen

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Inversions continued to strengthen today on Manufacturing reports: ISM and Markit PMI On Verge of Contraction.

Even before Trump's tariff announcement, I commented that "I Expect Contraction Next Month." Click on the link for my reasons.

A global manufacturing recession has already started. Trump's unwise move increases the odds of an economic recession soon, assuming it has not already started.

Mike "Mish" Shedlock