Morning Economic Report 4/7/25

There is no let up. US Commerce Secretary says tariffs will not be postponed. President Trump over the weekend said investors/markets would have to take their medicine. Treasury yields fall as haven is sought in conservative plays. But nothing hides the walloping of the Hang Seng (-13.5%) as Sino/CN trade war seems to be about to go full-blown. All bourses are smashed, including US futures, the DOW is down 1300 (-3.44%) and a circuit breaker was triggered in SK Kospi. Goldman raises recession possibility to 45%, JPM raises prospects to 60% and trims US 2025 GDP forecast from 1.3% to 1%. DAX -4.91%, CAC -4.98%, FTSE -4.31%, Euro STOXX600 -4.96%. Speculation arises on 5 FED cuts for this year, but FED Powell on Friday said there is no need to rush. Confusion but USD steadies, DXY 102.91. Even Gold sees profit taking, 3029. BTC $76,544.