United Airlines issued two full-year earnings estimates, one based on its January forecast and a revised one anticipating a potential recession, highlighting economic uncertainty. This unusual move reflects heightened volatility, though recent market drops have been relatively small. Meanwhile, the US Treasury market experienced a sell-off driven by Trump's tariffs, with yields on 10-year and 30-year Treasuries reaching multi-month highs before slightly decreasing. Potential culprits include China, Japanese insurers, hedge funds, and 'bond vigilantes'.

Prepared by Christopher Adams and reviewed by editorial team.