Michelle Martin

One of President Trump's many changes to the tariff rates on Chinese goods underlined the power held by a single person.

One of President Trump's many changes to the tariff rates on Chinese goods underlined the power held by a single person.

NPR's Scott Horsley has been watching all these ups and downs, and he is with us now. Good morning, Scott.

NPR's Scott Horsley has been watching all these ups and downs, and he is with us now. Good morning, Scott.

NPR's Scott Horsley has been watching all these ups and downs, and he is with us now. Good morning, Scott.

Well, you sure got that right. So the stock market regained a lot of its earlier losses on Wednesday when Trump backtracked on some of its tariffs. But then the air went out of the balloon pretty fast. What happened?

Well, you sure got that right. So the stock market regained a lot of its earlier losses on Wednesday when Trump backtracked on some of its tariffs. But then the air went out of the balloon pretty fast. What happened?

Well, you sure got that right. So the stock market regained a lot of its earlier losses on Wednesday when Trump backtracked on some of its tariffs. But then the air went out of the balloon pretty fast. What happened?

The market is kind of like, ah! And the consumer's like, uh, and the Fed's job in that environment is to be the one to say, please remain seated with your seatbelt fastened until the pilot indicates it is time to move about the cabin.

The market is kind of like, ah! And the consumer's like, uh, and the Fed's job in that environment is to be the one to say, please remain seated with your seatbelt fastened until the pilot indicates it is time to move about the cabin.

The market is kind of like, ah! And the consumer's like, uh, and the Fed's job in that environment is to be the one to say, please remain seated with your seatbelt fastened until the pilot indicates it is time to move about the cabin.

Yeah, and there was some good news on inflation yesterday, but that was largely drowned out by the tariff talk. Would you say more about that?

Yeah, and there was some good news on inflation yesterday, but that was largely drowned out by the tariff talk. Would you say more about that?

Yeah, and there was some good news on inflation yesterday, but that was largely drowned out by the tariff talk. Would you say more about that?

And there is concern that progress on inflation could be stalled by the trade war. Isn't that right?

And there is concern that progress on inflation could be stalled by the trade war. Isn't that right?

And there is concern that progress on inflation could be stalled by the trade war. Isn't that right?

If you start to see a recession coming, you should lower the rates. If you see prices rising and the inflation rate going up, you should raise the rates. If there's a lot of uncertainty, you should wait and do nothing.

If you start to see a recession coming, you should lower the rates. If you see prices rising and the inflation rate going up, you should raise the rates. If there's a lot of uncertainty, you should wait and do nothing.

If you start to see a recession coming, you should lower the rates. If you see prices rising and the inflation rate going up, you should raise the rates. If there's a lot of uncertainty, you should wait and do nothing.