GREY BRIEFING #09: Probability of recession and pension funds against the market?!

Welcome back, dear readers, to the ninth GREY BRIEFING! This week, economic data and trade risks set the tone on the US markets. Robust growth figures (+3.8% annualized) and solid consumption indicators supported the image of a resilient US economy. Profit-taking in the tech and AI sectors put pressure on the major indices, while signs of a sector rotation toward more defensive stocks emerged. Politically, the new tariffs on trucks, furniture, and pharmaceuticals announced by President Trump caused uncertainty, but were largely ignored by the market. In the bond markets, the yield on 10-year Treasuries rose to 4.18%, while expectations of further interest rate cuts by the Fed remain...