Aniket Ullal discusses the return of risk-on in markets. Aniket notes a clear inflection point on April 8th, the day President Trump announced a pause in reciprocal tariffs, sparking a 18% SPY rally and 40% Bitcoin surge. They explore whether risk-on has changed, citing steady Bitcoin and the impact of rising bond yields on rate-sensitive sectors like home builders and residential real estate. Aniket also touches on the weaker U.S. dollar, down 4-5% this year, and its benefits for export-heavy stocks like Coca-Cola (KO).