We should all be relieved that there’s been a 90 day pause in the tariffs on Chinese imports, but since they’re on tap in 90 days, and at unknown levels, don’t be surprised that uncertainty remains high…

Figure 1: EPU (blue, left scale), 7 day centered moving average of EPU (bold red, left scale), and VIX at close (green, right scale). Source: policyuncertainty.com, CBOE via FRED.