According to The Kobeissi Letter, with US trade deals no longer lowering bond yields, many tariffs already paused, and CPI inflation trending near 2%, future Trump tariff decisions are crucial for market direction. Historically, when Trump delays or removes tariffs, bond yields increase as recession fears abate (source: The Kobeissi Letter on Twitter, May 21, 2025). Fed Chair Powell remains firm on policy, minimizing chances of rate cuts. For cryptocurrency traders, these macroeconomic signals mean potential volatility: rising yields and reduced recession fears can strengthen the US dollar, often leading to short-term pressure on Bitcoin and major altcoins due to capital rotation from risk assets (source: The Kobeissi Letter).