U.S. Stocks suffered another blow yesterday after President Trump announced the U.S. will impose tariffs on steel and aluminum imports coming into the country. There will be a 25% tariff on steel and 10% on aluminum imports. The news sent Stocks sharply lower with the Dow Jones Industrial Average down by 600 points before closing 422 points lower. Fears of a trade war are bringing uncertainty, which Stocks loathe.
Consumer Sentiment hit its second highest level since 2004 last month spurred on by a strong labor market. The Consumer Sentiment Index hit 99.7 in the final reading in February, which was in line with estimates. Within the report, the current condition and expectations measures both increased. The report went on to say that the biggest share of households since 1998 said their finances had improved over the past 12 months.
Fed Chairman Powell spoke in front of the Senate yesterday and somewhat back-peddled from his comments on Tuesday. Mr. Powell said, "We don't see evidence of a decisive move up in wages, there is no evidence the economy is overheating, fiscal policy will likely put upward pressure on inflation this year." Part of the Fed's unstated goal is to maintain market calm ... by talking out of both sides of his mouth over the course of two days, Mr. Powell seemed to have missed that memo in his first public appearance.
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