This morning, I wasn’t quite sure what to expect regarding the tariffs announced on Friday.

Typically, a “flight to safety” occurs, meaning investors move to the bond market, which usually drives mortgage rates lower. On the flip side, the stock market was almost certain to react negatively—and it did.

What was surprising, however, was that the bond market didn’t respond as I had anticipated. With stocks taking a significant hit across the board, the question remains—where is the money flowing?

The answer is the stock market rebounded while the bond market yawned.

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