From Ed Dowd below,

Risk off….trade of the year US Treasuries bonds.

1. Tariffs no big deal disinflationary
2. Budget no big deal…just extension of current taxes…my comment SPY is saying the same…sideways. +0.58% YTD
3. Real estate dropping A BIG DEAL….I call it NEGATIVE WEALTH EFFECT
4. Yields to drop
5. Recession coming Q4…I say warnings-bad guidance reported in Q4