Bonds could offer better returns than stocks in near term: Bhanu Baweja, UBS Bank

I’m not sure the worst is over for the markets yet, as the base case for tariffs remains a difficult question. It’s also possible that reciprocal tariffs could be reinstated on July 2. We assume 10% universal tariffs, with China’s tariffs reduced from 145% to 60%, but even this isn’t fully priced in.

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