Amid a complete absence of actionable economic data in the new week, stocks and bonds have been left to focus on new developments on the tariff front. It seems like only yesterday that the "90 day pause" went into effect and now, here we are 89 days later with some last-minute edits to the plan. Monday's news involved letters to multiple trade partners announcing new tariff rates effective August 1st--basically a threat to make a deal or else. The more formal nature of the letters (as opposed to social media announcements) got the market's attention despite general tariff fatigue.  At the times that stocks were falling, bonds were holding steady.  And when stocks held steady, bonds were losing ground.