The View from 5th Avenue – 18 August 2025

Markets struggled to find a direction during an uneventful day, finishing little changed on the lightest trading day since early May. Rising bond yields and a subdued VIX (still trending with “lower highs and lower lows” after Friday’s retest of January 2025 lows) failed to derail equities, underscoring the market’s resilience. Geopolitics stayed in focus as Trump’s meetings with Zelenskiy and later EU and NATO leaders delivered brief intraday lifts, but investors came away with little clarity…

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