This weekend was peppered with the will-she/won’t she silliness of the tariff war. The entire landscape is murky (or some more generously describe the situation as “fluid”), but it’s quite evident that all the he-man, tough-guy, don’t-mess-with-me nonsense from this administration is nothing more than bluster, and the bluster is worth exactly what it costs.

As such, markets are celebrating since D.C. has done everything but surrender at this point. (If you want huge laffs, just watch the Liberation Day speech again, which was offered up with the same gravitas as Operation Overlord). Equities are up about 1.5% to 2%, more or less. On in particular, Apple, has shot up by double digits, since the notion of triple-digit tariffs has vanished with the weekend.