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Citing sources familiar with the matter, Reuters on Friday reported that the partial trade deal that the United States (US) and China reached as of Thursday night includes a currency pact and a delay in US tariffs on Chinese goods that were initially planned to go into effect next Tuesday, October 15th.

Markets’ reaction was relatively muted to these headlines. As of writing, the 10-year US T-bond yield was up 4% on the day and Wall Street’s three main indexes were all adding more than 1.5%.