Although President Trump has said he has no intention of firing Fed Chair Powell, the Trump administration may be testing the laws underpinning Fed independence.

The outlook for U.S. growth and inflation hinges on the ability of U.S. supply chains to pivot out of China fairly quickly, a process that won’t be seamless.

The president has signaled some flexibility on tariffs but remains committed to his broader trade policy agenda.

Collapse of two U.S. banks could trigger a liquidity crisis, loss of confidence in banking system & potential fall in financial markets.