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In May, risk assets posted strong gains, con-tinuing the rally that began in the second half of April and approaching this year’s (and all-time) highs. The temporary pause in the trade war — with a 90-day negotiation window following the Trump admin-istration’s rollback of much of the tariff increases — combined with economic data that eased fears of an imminent recession and solid earnings from U.S. companies (particularly in the technology sector), helped restore investor confidence and drive re-newed interest in equities and credit markets.