Markets are holding their breath as two major catalysts loom on the horizon: the upcoming employment report and potential tariff announcements. Treasury yields have stayed relatively flat so far, but that quiet could change fast.

Here's the thing—when employment numbers beat or miss expectations, we typically see a ripple effect across asset classes. Strong job data could push yields higher, while weakness might trigger a flight to safety. And then there's the tariff question. Policy shifts around trade can reshape inflation expectations overnight, which directly impacts how markets price fixed income.

For traders watching both traditional markets and crypto, this is peak macro season. The Fed's next moves, along with fiscal policy signals, tend to set the tone for broader market sentiment. Even if yields feel sleepy right now, stay sharp. The next 48 hours could bring some meaningful volatility.

Keep an eye on the employment figures and any regulatory clarity on tariffs—both could be game-changers for risk appetite across the board.