• The rally in US Treasuries has paused as traders prepare for a large slate of bond sales this week, which could put downward pressure on prices. The yield on 10-year debt rose slightly, trimming the steep drop from Friday, which was triggered by surprisingly weak US jobs data and renewed speculation that Federal Reserve Chair Jerome Powell might be replaced by a more dovish candidate.

• Separately, Tesla’s board has approved a new compensation package for CEO Elon Musk, worth an estimated $29 billion. This move comes after a Delaware court twice rejected Musk’s previous 2018 performance award. In a letter to shareholders, the company stated that Musk has “not received meaningful compensation for eight years” and is appealing the court’s decision, while also laying out a plan to incentivize him to remain at the helm.

• Meanwhile, a small but influential industry at the center of the world’s gold market is revealed to be the primary driver of Switzerland’s trade imbalances, which have drawn the attention of President Donald Trump. As the world’s biggest gold-refining hub, Switzerland’s trade flows are significantly impacted by the precious metal, with billions of dollars’ worth constantly moving through the country. This dynamic has made the country a target for Trump’s tariffs, even though the Swiss refining industry itself only captures a small portion of the gold’s value.