Midweek Macro Note: Nvidia Review, Tariffs Back On, a 'Macro' June, What's Ahead, Vision Note 'TACO' Goes Mainstream

In this Midweek Macro Note - the team breaks down the Nvidia earnings report, discusses the latest tariff litigation, highlights a 'Macro' June ahead, looks at the month-end, TACO, and more.

Don (@DonMiami3, MacroEdge Chief Economist)

Good Thursday evening MacroEdge Readers and Community,

It’s nice to be back in the office, and things are getting busier as we head into June. Hard to believe we’re nearly halfway through 2025. A few interesting developments this week include the addition of a new Fed repo facility scheduled for late June (a similar move occurred in 2019), and continued discussion in Congress around the “Big Beautiful Bill.” Expect that to be signed sometime in June or July—once both sides have secured the pork they want. Until then, there’s likely to be little in the way of serious fiscal effort to contain what’s clearly a deficit widener.

The Trump administration has adopted a more hawkish stance on tariffs following a temporary halt by the U.S. Trade Court, which was overturned today for two weeks by an appellate court. This sparked a substantial topping tail on the indices today, as the morning gap-up was quickly faded. We’re beginning to see potential signs of exhaustion in global indices, along with bearish divergences showing up in high-beta names and in crypto.

This evening, we’ll dive into the latest on tariffs, Nvidia earnings, a “macro” June, technicals, “TACO,” and housing inventory. Let’s dive in. There;s a lot of talk about stagflation this, deflation that, but we’ll focus on objectivity below.

---

---

Trident / Ozone

With Trident - we’re turning our leading macro perspectives into action. Learn more about the Trident I Global Macro Fund below:

Access MacroEdge Ozone for two weeks and never miss a beat on our reports, research, data, and more:

Remaining Macro/Earnings for Friday

> UMich Consumer Sentiment and Inflation Expectations

> PCE

> Chicago PMI

> Personal Spending

Tariffs Back On?

For now - tariffs are back on in the United States - with the Appellate Court ruling. To what degree deals will be reached over the next couple of weeks remains to be seen - but I anticipate that tariffs in all shapes and sizes - as they’ve been issued - are defended by the Administration now that legal battles have threatened to make a fool out of their policy.