we can get more now from bloomberg's valerie tytel. what has been the main driver here. gold is the safe haven, but what is taking it all the way nearly $3000? valerie: i just want to say it's really not clear why gold has been outperforming so far this year, there is many factors at play, unclear which is the main one. one of which you mentioned would be a safe haven demand from the trade war, but we have not seen a risk off move in the equity market that would perhaps push people into buying gold. we've also seen other macro drivers that play that are supportive, such as the dollar softening in real yields declining. there is normally a time where gold does outperform on a macro scale. the other thing we have to mention is that china has been buying gold, they have been going away from their treasury holdings to diversify the holdings in their central-bank assets, one of them including going into gold. that was actually something that they did very strongly during the previous trump administration, maybe there is some speculation that china would ramp up their buying of

valerie tytel joints me. what are the markets saying? >> some volatility this morning but not the kind of craziness we saw last week. we had this air force interview. they import about 25% of their steel from canada. canada is vulnerable to these tariffs. also mexico and brazil so keep an eye on those currencies on the back of tariffs but lastly the most important thing we heard is that he is still eyeing reciprocal tariffs and says the announcement could come as early as tuesday or wednesday. watch out for how u.s. assets react. friday, there was a slide in the equity and treasury market on threats of reciprocal tariffs. >> we got the u.s. jobs report on friday ahead of powell's testimony this week. was a good news, bad news, or another excuse for the fed to sit on its hands? >> it's a mixed picture from the nonfarm payroll report. one thing that did jump out of the markets was the university of michigan can sentiment data there was an unexpected jump in the year ahead inflation expectations rising to 4.4%, the highest since november 20

us get more from valerie tytel on the market reaction. valerie, talk us through how these equity markets and fixed income have reacted then. a bit of a struggle arguably to the latest tariff threats from trump. >> the fact that these tariffs were not implemented immediately, but that there is going to be delayed, possibly until april paves the way for a risk asset rl yesterday, the s&p yesterday closing a whisker away from all-time highs. frankly april 1 is light years away for this market. it paves the way for this rally to continue further. we also saw the dollar softening off the back of this tariff delay. the bloomberg dollar index yesterday closed down 0.7%. we can look at how the dollar has fared is the highest of mid-january. we are now down over 2% from january's peak for the bloomer dollar index, on the back of this softening of language when it comes to tariffs from donald trump. we were braced for immediate tariff action but it is just delay after delay on that front. we can talk about one asset that is not holding back and that