Morning Economic Report 5-20-25

Equities are in a holding pattern even with China cutting 1-year Loan Prime Rate by 10bps in a stimulus move and Australia's RBA cutting rates by 25bps. It is not enough to counter the conservative chat from FED speakers yesterday with hawks suggesting only 1 cut this year and all point to erratic tariff policies. The docket is light, so are market moving headlines. DAX +0.48%, CAC +0.24%, FTSE +0.10%, Euro STOXX600 +0.37%. The greenback is still feeling the after-effects of the Moody's downgrade, DXY 100.26. Gold 3236. BTC $105,363