TMTB Morning Wrap (Paywall removed)

QQQs -40bps as we await “Liberation Day” tomorrow. Market took a leg lower at 6am est. on a Wapo article which cited a 20% tariff #, which would be worse case scenario:

White House aides have drafted a proposal to impose tariffs of around 20 percent on most imports to the United States, three people familiar with the matter said, as President Donald Trump pushes for the most aggressive overhaul of the global economic system in decades.

White House advisers cautioned that several options are on the table and no final decision has been made. On Monday evening, Trump repeatedly suggested the tariffs would be “reciprocal” — in direct proportion to those levied by foreign countries on U.S. exports — and indicated that many countries would not be included in the import duties. That would probably represent a less drastic action than a single universal tariff.

So the “bogey” likely sits at 15-20% right now (with no additional sectoral tariffs). We’ll see what happens tomorrow.

Yields ticking …