Week in review
- U.S. Mar headline and core CPI slowed to 2.4% and 2.8% y/y respectively
- Japan Mar wage growth rose to 3.1% y/y
- China Mar headline and core CPI rose to -0.1% and 0.5% y/y respectively
Week ahead
- U.S. Mar retail sales
- European Central Bank interest rate decision
- China Q1 GDP
Thought of the week
There are decades where nothing happens, and there are weeks (or days) when decades happen. The past week was a prime example to this, with 30-year yields on U.S. treasuries experiencing the largest 3-day increase since 2020 to the S&P 500 index marking the sharpest 1-day gain since 2008. While the policy pivot to pause reciprocal tariffs by 90 days was the primary catalyst, other technical factors had likely amplified these sharp market movements, including a relatively low liquidity in both equities and rates markets, partial mean reversions in equity futures positions, and the unwinding of Treasury basis trades and swaps spread trades. These intraday market dislocations are expected to stabilize gradually in the short run. However, should policy uncertainty persist, market volatility could remain elevated over the medium term. This situation prompts the need for portfolios to diversify into income-oriented strategies as a means to mitigate policy unpredictability.
S&P 500 returns versus U.S. Treasury 30-year yield change
2008 to latest
Source: FactSet, S&P, J.P. Morgan Asset Management. Data reflect most recently available as of 11/04/25.
Market data
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All returns in local currency unless stated otherwise.
Currencies’ return are based on foreign currencies per U.S. dollar. An appreciation of the foreign currency against the U.S. dollar would be positive and a depreciation of the foreign currency against the U.S. dollar would be negative.
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