Markets cheered tentative US-China progress as Trump rolled back some tariffs.  
But optimism is muted as the US vows to block China's access to top-tier chips.  
Geopolitical tensions flared with US diplomats pulled from the Middle East.  
Oil surged 7%-9% on fears of an Israeli strike on Iran’s nuclear sites.  
Bostic denied rumors of replacing Powell, pledging to stay at Treasury till 2029.  
Trump pushed for a 100bps rate cut after soft CPI, citing unsustainable debt costs.  
QCP sees macro