The Macro Brief: Fragile Gains, Rising Tensions

A brief on soft landings, tightening wallets, and global demand warnings.

Last week, U.S. equities broke down as bond markets seized up:

• S&P 500 fell 1.6%, marking the fourth straight decline (AP News)

• 10-Year Treasury yield dropped to 4.22% — its steepest single-day decline since April (Barron’s)

Markets may look calmer on the surface — but underlying volatility has spiked.