Market Overview - European stock markets opened higher, with Germany's DAX index rising by 1.76%, France's CAC40 increasing by 1.32%, and the Euro Stoxx 50 up by 1.64% [1] - As of 19:45, the DAX index was up 1.70%, CAC40 was up 1.18%, and Euro Stoxx 50 was up 1.50% [1] Gold and Currency Trends - Spot gold prices fell below $3,330 per ounce, trading at $3,330.71 per ounce as of 19:45 [2] - The COMEX gold futures were reported at $3,329.80 per ounce [2] - The US dollar index weakened, reported at 99.0539, down 0.07% as of May 26, 19:45 [3] US Debt Market Concerns - The US national debt reached $36.89 trillion, with interest payments projected to rise from $564.24 billion in 2019 to $1.11 trillion by 2025, becoming the second-largest budget item after Social Security [7] - The recent tax and spending bill passed by the House is expected to increase the fiscal deficit by $3.8 trillion over the next decade, raising concerns about the sustainability of US government debt [7] - The 10-year Treasury yield closed at 4.507%, down 0.46%, indicating rising bond prices amid market fears [7] Bond Market Reactions - On May 21, the US Treasury auctioned $15.78 billion in 20-year bonds with a high yield of 5.047%, causing market panic and raising concerns about a potential collapse in the US bond market [8] - The yield on 20-year bonds has significantly increased compared to previous rates, reflecting investor anxiety over inflation due to ongoing tariff negotiations [8] Tariff Policy Impact - The uncertainty surrounding US tariff policies has led to market volatility, with President Trump's threats of increased tariffs causing significant declines in major stock indices and fluctuations in other asset classes [6][10] - The upcoming Personal Consumption Expenditures (PCE) index may reveal different insights compared to the Consumer Price Index (CPI), potentially affecting market expectations [10]