Kautious: BREAKING: US & China agree on a 90-day tariff truce. US cuts 145%→30% (with 20% fentanyl carve-out); China cuts 125%→10%. Markets surge: Dow +2.5%, S&P +3%, Nasdaq +3.9%; VIX <20, oil up, gold down. Bessent: no decoupling. Risk-on for now.

BREAKING: US & China agree on a 90-day tariff truce. US cuts 145%→30% (with 20% fentanyl carve-out); China cuts 125%→10%. Markets surge: Dow +2.5%, S&P +3%, Nasdaq +3.9%; VIX <20, oil up, gold down. Bessent: no decoupling. Risk-on for now.