Markets, like people, are creatures of mood. On Tuesday morning, they woke with a mix of apprehension and hope, scanning for signals - from inflation data, central bankers, and the choreography of global diplomacy. A cooler-than-expected consumer price report offered some relief, while news of a fragile trade truce with China sent stocks into celebratory overdrive, even as bond markets quietly reminded us that in economics, every gift comes with conditions.

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