Summary: Markets appear complacent considering the looming tariff expiry at the end of 90 days. Though there are reasons to be both optimistic and pessimistic. But as always, you can’t predict but you can prepare. Retail is right on the money: Tariff shocks in April have turned into an opportunity as retail bought the dip while institutional remained cautious. Looking forward 2 months, we noted that retail appears to be right on the money for now (at least). Complacency or roaring 20s? Markets have surpassed their pre-liberation day levels and has moved on from inflation/tariff worries to big beautiful bill. It certainly looks positive for corporates with tax cuts though tariff impact is likely to lead to some slowing. Bond vigilantes may decry the expanding deficit leading to higher yields on treasuries, but unless you are further out the curve at 10Y and beyond (like TLT), you have nothing to worry about....