Q3-2025 Macro Outlook: Less chaos, and hopefully a bit more clarity
Market drivers and catalysts
Equities: Trump confirms copper tariff; EU rally continues; UK exporters shine
Volatility: VIX eases to 16.8; SPX expected move ±0.44%; flat curve hints at calm
Digital assets: Bitcoin steady; ETH gains; IBIT inflows continue; ETHA dips
Fixed Income: US Treasury yields rise further ahead of 10-year auction
Currencies: USD see modest gains against its G10 currency peers
Commodities: HG copper surges to a near 30% premium over London
Macro events: US 10-year Notes auction & FOMC minutes from June meeting









