President Trump announced sweeping tariffs after market close on April 2, which he coined “Liberation Day.” The tariffs were larger than expected causing, a tremendous amount of market volatility as investors tried to understand the implications. Complicating matters more, the tariffs are evolving as countries negotiate and retaliate. We have seen large swings in both stock and bond markets. The day after Liberation Day, the S&P 500 fell approximately 6%, and then a few trading days later, after many of the tariffs were postponed for 90 days, the S&P 500 climbed nearly 10% in one day. Seven trading days since the announcement, the S&P 500 was down slightly over 5%. The Bloomberg U.S. Aggregate Bond Index, which generally tracks the bond market, was down 2%.