Jerome Powell

We may find ourselves in the challenging scenario in which our dual mandate goals are in tension.

And how funding cuts at Harvard are already affecting the university's research. It's Wednesday, April 16th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News? The top headlines and business stories that move the world today. Trade restrictions fueled a tech stock route that deepened in U.S. markets today.

And how funding cuts at Harvard are already affecting the university's research. It's Wednesday, April 16th. I'm Alex Osola for The Wall Street Journal. This is the PM edition of What's News? The top headlines and business stories that move the world today. Trade restrictions fueled a tech stock route that deepened in U.S. markets today.

Stocks took another turn lower after Federal Reserve Chair Jerome Powell warned that the central bank could face difficult tradeoffs in trying to cushion the U.S. economy from the fallout of President Trump's trade war. Wall Street's fear gauge, the SIBO volatility index, jumped nearly 9 percent after falling for three trading days. The dollar, meanwhile, extended its decline.

Stocks took another turn lower after Federal Reserve Chair Jerome Powell warned that the central bank could face difficult tradeoffs in trying to cushion the U.S. economy from the fallout of President Trump's trade war. Wall Street's fear gauge, the SIBO volatility index, jumped nearly 9 percent after falling for three trading days. The dollar, meanwhile, extended its decline.

Earlier, the Commerce Department had said that retail sales rose a better-than-expected 1.4 percent in March from the previous month and before President Trump's Liberation Day announcement of sweeping new tariffs on April 2nd.

Earlier, the Commerce Department had said that retail sales rose a better-than-expected 1.4 percent in March from the previous month and before President Trump's Liberation Day announcement of sweeping new tariffs on April 2nd.

And a survey of global fund managers by the Bank of America conducted in the days after that announcement found that almost half of them expected a hard landing for the global economy in the next 12 months. In the end, U.S. markets ended the day down. The Dow dipped about 1.7 percent, and the S&P 500 lost more than 2 percent.

And a survey of global fund managers by the Bank of America conducted in the days after that announcement found that almost half of them expected a hard landing for the global economy in the next 12 months. In the end, U.S. markets ended the day down. The Dow dipped about 1.7 percent, and the S&P 500 lost more than 2 percent.

The tech-heavy Nasdaq closed down just over 3 percent, dragged by NVIDIA that lost more than 7 percent. Federal Reserve Chair Jerome Powell has warned that the central bank could face difficult tradeoffs in trying to cushion the U.S. economy from the fallout of President Trump's trade war.

The tech-heavy Nasdaq closed down just over 3 percent, dragged by NVIDIA that lost more than 7 percent. Federal Reserve Chair Jerome Powell has warned that the central bank could face difficult tradeoffs in trying to cushion the U.S. economy from the fallout of President Trump's trade war.

In remarks at the Economic Club of Chicago today, Powell said large tariff increases that push up consumer prices while weakening economic activity would put the Fed in the uncomfortable position of having to choose, promote low inflation or foster a healthy labor market.

In remarks at the Economic Club of Chicago today, Powell said large tariff increases that push up consumer prices while weakening economic activity would put the Fed in the uncomfortable position of having to choose, promote low inflation or foster a healthy labor market.

The Fed chair implied that the central bank could elevate its inflation goal over its labor market mandate if the two were in conflict. In the discussion that followed, Powell described the possible effects of the significant policy changes the administration is making, particularly in trade.

The Fed chair implied that the central bank could elevate its inflation goal over its labor market mandate if the two were in conflict. In the discussion that followed, Powell described the possible effects of the significant policy changes the administration is making, particularly in trade.

The effects of that are likely to move us away from our goals. So unemployment is likely to go up as the economy slows in all likelihood, and inflation is likely to go up as tariffs find their way. And some part of those tariffs come to the... come to be paid by the public.

The effects of that are likely to move us away from our goals. So unemployment is likely to go up as the economy slows in all likelihood, and inflation is likely to go up as tariffs find their way. And some part of those tariffs come to the... come to be paid by the public.

Powell repeated his view that the central bank doesn't need to rush to lower interest rates while nodding to a fluid economic outlook. As we reported this morning, NVIDIA told investors that the U.S. is banning the sale of its H20 AI chips in China and a handful of other countries.

Powell repeated his view that the central bank doesn't need to rush to lower interest rates while nodding to a fluid economic outlook. As we reported this morning, NVIDIA told investors that the U.S. is banning the sale of its H20 AI chips in China and a handful of other countries.

NVIDIA is now caught between the world's two superpowers as they jockey to take the lead in AI development and could hurt the company's relationship with Wall Street. WSJ Heard on the Street columnist Asa Fitch joins me now with more. Asa, the H20 is not a huge part of Nvidia sales, yet it seems the government's restriction could create an issue for the company's performance on Wall Street, right?