🇺🇸🇨🇳 The US and China extended their trade truce by two months, moving the expiry from November 10 to January 10, 2027, when the market had positioned for six months or more. Bessent said he was unsure a larger deal is achievable and that the outcome may be a further rollover of existing terms. The new deadline lands after the midterm elections, which pushes tariffs, rare earths and tech controls into the next round and matches what we expected going into the meeting, stability before the vote and change after it. The summit's only named new deliverable was an AI incident channel. The $30 billion tariff cut remains a framework without a product list, and Boeing, rare earths and chips produced no breakthroughs. Among the purchase commitments, only soybeans currently meet the US benchmark, and we have picked the specific readings that will show whether January 10 holds. 📥 This week's WEFC also runs next year's US inflation under three oil price paths to make the case for a preventive Fed hike, works through why 10-year yields above 5.2% have yet to do visible damage, and maps the supply bottlenecks behind WTI's move past $100. 🔗 Download the full report: https://t.co/j6aKabsmGA