Market Commentary: Tuesday 15th April

With further talk around tariff pauses, this time concerning autos, there has been increased calm in the markets. The S&P 500 is back at 5,400, and US Treasuries are also showing signs of stability after last week’s pressure, with 10-year yields back around 4.3% after testing 4.6% last week.

US Treasury Secretary Bessent also downplayed last week’s bond sell-off, suggesting it was due to market deleveraging rather than foreign nations dumping US Treasuries. He also indicated there is room to increase Treasury buybacks.

Data-wise, we have French CPI this morning and Empire Manufacturing from the US later today. Perhaps the most interesting will be Canadian CPI—with tomorrow’s BoC meeting pointing to a 34% chance of a cut, this could be an important release to watch for any shift in expectations.

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