Copper Tariffs Barely Move Markets

• Markets have lacked clear direction over the last 24 hours, trading without strong reactions even to major headlines like the confirmation of 50% tariffs on US copper imports and a potential 50% tariff on Brazil.
• US government bonds held firm after a well-received $22bn auction of 30-year bonds, suggesting investor comfort with high yields despite ongoing fiscal concerns.
• The 30-year bond outperformed, with the yield falling by 1bp to 4.87% — a sign of confidence in the ultra-long end.
• The US 10-year Treasury yield rose by 1bp to 4.35%, while the 2-year increased by 1bp to 3.87%, reflecting a steady front end amid shifting expectations.