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Last week's seemingly off-the-cuff..........>

US TSYS
US TSYS: Last week's seemingly off-the-cuff announcement by U.S. President Trump
that he intends to impose a 25% tariff on steel imports and 10% on aluminum is
still being debated by markets and is likely to continue to roil markets until
more concrete intentions are announced. In TD Securities' opinion, the "import
tariffs could create upward pressure on prices, but will may be perceived as a
stag-flationary shock. This should continue to weigh on risk assets, which can
ultimately put a cap on how high rates can rise. We nevertheless expect
short-dated TIPS breakevens to remain supported on the news."

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