Huawei has had its licence extended for three months, which is positive. So, trade tensions might ease a bit. Meanwhile, the US is trying to steepen the yield curve. President Trump is calling on the Federal Reserve to cut rates by 100bps as soon as possible. The US dollar is too strong and should be weakened, the administration says. At the same time, the US Treasury is considering issuing ultra-long bonds, be it with 50- or 100-year maturity. Pulling on both sides of the yield curve would obviously help.