Macro traders tread carefully ahead of tariff pause deadline
Uncertainty has held buy-siders back from both hedging and directional trades
Macro investors are struggling to find good trades ahead of the July 9 deadline for the Trump administration’s 90-day tariff pause, choosing instead to focus on the ‘day-to-day’.
Traders are having to navigate multiple discrete risk events, such as central bank, G7 and Nato meetings, before the tariff pause ends, and are unsure whether the deadline will move again.
“Both of those things make it difficult to put on trades right now,” says Jonathan Cohn, head of US rates strategy at Nomura. “Trying
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