MARKET RECAP

• SPX -0.98%, NASDAQ -3.47%
• Inflation did not exceed expectations, coming in at 2.5% year over year.
• Interest rates have been dropping fast. The White House would say it reflects DOGE efforts to cut spending, others say it reflects a slowing economy. The 2-year is at 3.99% and the 10-year at 4.24%.
• Trump continues to threaten tariffs. There seems to be no cogent policy on tariffs, and the uncertainty is beginning to impact markets. It is like he wants a trade war. The only problem is that it will bring down everyone.
• The Atlanta Fed’s GDPNow has fallen to an estimated growth rate of 1.5% in the first quarter.
• Jobless claims increased.
• In a national embarrassment of historic proportions, Trump and Vance railroaded and embarrassed Ukrainian President Zelensky at a press conference. It is pretty clear that Trump is actually siding with Putin and Russia.

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