Confirming what Deutsche Bank's George Saravelos noted earlier, top Goldman Sachs trader Rich Privorotsky said in a note to clients this morning that the most important thing we learned is that the executive put does indeed exist.
Abrupt reversal higher in global markets as reciprocal tariffs (ex China) delayed 90 days. Seems reflexivity won in the end.
Perhaps it was the mounting pressure in the bond (what eventually forced change in UK) or the continued pressure from business leaders that drove the reversal in policy.
