What is driving this morning’s stock selling and bond gains is more tariff talk and global stock weakness that is a result of it. After China retaliated against the most recent $50 billion U.S. tariff on their goods, President Trump threatened $200 billion as the next step. To many traders around the globe, the escalating trade war is becoming more of a threat to the global economy, causing international stock markets to sell-off. This carried into our stock markets this morning, leading to a flight to safety into bonds. As bonds are being bought to escape the selling in stocks, their yields move lower, bringing mortgage rates down also. This tariff battle would normally be a big issue, but in a week with little in terms of economic data to draw attention, it is clearly taking centerstage.