| Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping… So much for Easter after US stocks, dollar and bonds were sold as investors responded to the scenario of a non-independent Federal Reserve, should President Donald Trump get his way. Aussie and kiwi followed euro and yen higher amid broad greenback weakness. The Treasury yield curve steepened as markets saw short-term economic weakness being replaced by long-term inflation; hence gold hit another record high. Cues today may come from China which has adopted the US’s ‘pick-a-side’ mentality toward its trade partners, leaving New Zealand and Australia in a very awkward spot. Two months into Trump’s second term, the US's financial dominance is being challenged, with the dollar and Treasury bonds losing appeal. Meanwhile, the president warned the US economy may slow if the Federal Reserve does not move to immediately reduce interest rates. US Vice President JD Vance held trade talks with Indian Prime Minister Narendra Modi on Monday as New Delhi looks to strike an early deal that spares it from Trump’s additional tariff hikes. The meeting came as world economic and finance leaders met in Washington to address the global trade crisis, with China warning countries against striking deals with the US that could hurt Beijing’s interests. The US set new duties on solar imports from four Southeast Asian nations that together provide the country with the bulk of its panels after a yearlong trade probe found solar manufacturers in the region are selling their exports to the US at rates lower than the cost of production. Bank of Japan officials see no need to change their stance on gradually raising interest rates despite US tariffs as they wait for more data to analyze the impact, according to people familiar with the matter. The US government has awarded fast-track status to a long-delayed copper mining project in Arizona owned by the world’s two biggest mining companies, Rio Tinto and BHP. Without noticing it, humanity has passed a remarkable milestone: Alcohol consumption has gone into possibly permanent decline, writes Bloomberg Opinion’s David Fickling. The change is attributed to a generational shift and increased availability of non-alcoholic alternatives, he said. | 
