US equity markets returned from the long holiday break to face turbulent conditions: Japanese bond markets experienced significant volatility overnight, signaling potential shifts in global risk appetite. Meanwhile, fresh policy uncertainties from the administration are weighing on sentiment across risk assets. The combination of yield curve movements in major economies and geopolitical trade tensions is creating headwinds for markets broadly. Traders are watching whether this week's economic data releases will provide clarity on the direction of monetary policy and risk appetite.