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The dollar, the Treasury market, and the S&P 500 were threatening to break out of the trading ranges. But the escalation of tensions between the US and the PRC gave reason for investors to pause ahead of the long holiday weekend in the US and UK, especially in the context of the National People's Congress session in China and unpredictable but seemingly increasingly hostile rhetoric from President Trump. The tensions are likely to rise further in the period ahead, and these may be difficult to model. When was the last time a US official brought