‘Peak uncertainty’ may have passed since Trump pressed pause on tariffs, but Fundstrat’s Tom Lee fears we may not have reached ‘maximum pain’

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• Since the president pressed pause on some tariffs, we may be past peak uncertainty but not maximum pain, according to Fundstrat cofounder Tom Lee. Stocks fell Monday, the 10-year Treasury rose, and Trump called on the central bank to cut interest rates.

Conditions have somewhat calmed since the president put his sweeping tariff regime on ice and floated talks of trade deals. But we may not be totally out of the woods.