Tariffs, tariffs everywhere — but not a drop to drink.

Tensions escalated with more talk of a potential 50% tariff on the EU, as trade negotiations continue to stall.

The stock market didn’t take it well and responded with a selloff. As usual, when equities take a hit, bonds often benefit. It’s the classic flight to safety.

We’re seeing a bit of rate improvement this morning as a result.

Consumer debt and breakdown:

• Mortgage Debt $13T
• Autos $1.6T
• Student loans $1.6T
• Credit cards $1.2T
• Total Household Debt $18.2T

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