Who Capitulated?

Presented with little comment, but worth a quick note...

Following yet another decline in CPI (but but but tariffs are inflationary), the S&P joined the Nasdaq 100 in the green year-to-date, erasing all of the panic-puke, 'end of the world' prognostication from the mainstream media and establishment

It's different this time - ish...

The reflexive nature of global market pain leading to geopolitical negotiations appears to have won out once again as "Uncertainty" around US trade policy has plunged ...

...erasing all of the post-Liberation Day spike.

So what will happen to all those CEOs whose sentiment had collapsed to a lower level than at the peak (trough) of COVID? With uncertainty evaporating, will they all be exuberant?

Maybe, just maybe, just maybe, it's time to ignore the sentiment surveys (and their clear implicit bias), ignore the propaganda being pumped out non-stop, and watch the hard data...

If, according to all the mainstream media, China would not engage in trade talks without complete tariff surrender... 

April 24: "China Slams the Door on Trump: No Trade Talks Without Total Tariff Surrender"

... also April 24: Chinese delegation secretly meets with Bessent in the basement of the IMF, to usher in the Geneva talks

Chinese Delegation Spotted Entering Treasury Department, Demands Photos Be Deleted: Report https://t.co/CRh07l2K1Z

— zerohedge (@zerohedge) April 25, 2025

then who "capitulated"...

And... we were right https://t.co/xi9xpNsPrO pic.twitter.com/Ncpr2a3AcI

— zerohedge (@zerohedge) May 13, 2025

Believe the old man yelling or your apparently lying eyes...

So, to clarify: 

China Sent Secret Delegation To Negotiate Trade Talks As It Vowed To Never Talk To Trump "Without Total Tariff Surrender"

So Chucky, who capitulated?

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