U.S. government borrowing costs on longer-maturity debt have risen more quickly than on shorter-maturity debt since so-called reciprocal tariffs were announced. We discuss what drove that reaction and why the difference is likely to persist.

We explain why the details associated with the tariff saga are less important than overall investment strategy, and why investors should think about their long-term strategic allocation as an anchor during periods of extreme volatility.

Global central banks this month have offered something for everyone from further interest rates hikes in Japan to rate cuts in Canada and Europe, while the Federal Reserve remained motionless.