China USA Meeting (Patreon)

Apparently from 1 to 10 this meeting was a 12.

U.S. President Donald Trump and China’s President Xi Jinping met for over three hours in what Trump called an “amazing” meeting that helped cool long-running trade tensions.

They discussed key issues like tech exports, fentanyl trafficking, and supply chains, showing rare cooperation that boosted market confidence and lifted global stocks.

The two countries agreed on a one-year trade truce: China will pause its export limits on rare earth minerals—crucial for U.S. industries—while the U.S. will cut tariffs on Chinese goods, including lowering fentanyl-related duties.

Rates were cut and now markets are weak ... The quarter-point cut, was broadly expected. It now sits at the lowest level since 2022. Less expected, however, was Powell’s doubt over whether the central bank would cut rates again this year — another reduction in December was “not a foregone conclusion”, he said, adding: “Far from it.”

Markets — which have bet heavily on another rate cut this year — fell sharply after his comments yesterday but recovered later in the session. Crypto getting hammered thanks to Wintermute and Binance.