The S&P500 saw a rebound as the US and China attempt to de-escalate trade tensions, with both nations having vested interests in this resolution. While most countries have yielded to US trade demands, this specific conflict presents a significant challenge for the Trump administration. Shifting focus to monetary policy, Philadelphia Fed President Anna Paulson expressed a preference for two more interest rate cuts this year, believing tariffs' impact on consumer prices should be largely disregarded. She cited a stable labor market and stable inflation expectations as reasons to look past temporary price increases from tariffs. However, Paulson does not hold a voting position on the Federal Open Market Committee this year. Fed Chair Powell is expected to articulate the FOMC's consensus view at an upcoming conference. The Nobel Prize in Economics was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their research on innovation-driven economic growth. Their work emphasizes that sustained economic growth is a recent phenomenon, historically rare, and not guaranteed to continue. Mokyr's research highlights the crucial role of the interplay between science and applied technology, especially during the Industrial Revolution. Aghion and Howitt's work focuses on modern innovation-led growth, analyzing the process of creative destruction at the firm level. The Royal Swedish Academy of Sciences cautions that continued growth is threatened by impediments to idea exchange and declining support for science, and warns about the delicate balance in regulating innovation-driving industries.