After two months dominated by uncertainty, global markets are showing greater tolerance toward negative macro inputs, according to research commentary from Wintermute. Concerns surrounding central bank policy pivots, uneven macroeconomic data, and questions around the sustainability of AI-driven capex remain, but they are no longer triggering the same reflexive risk-off reaction seen earlier in the quarter. The result is a consolidation phase marked by choppy but more resilient trading patterns as price ...