Mike Dolan

But things have calmed down today to some degree because we're waiting to see what Trump says in Davos.

His keynote speech to the World Economic Forum happens just before Wall Street reopens.

And really, people are wondering what happens next.

push comes to shove and those tariffs go ahead on February 1, Europe seems committed, at this point at least, to retaliate.

And if it does retaliate, we're back in a situation that we were for the early part of last year of tensions, brinkmanship, negotiations, potentially, and uncertainty most of all.

Hi, Kim.

Yeah, the Powell news is the big breaking story for markets this morning.

The dollar is the focus.

It's fallen against the euro and other major currencies on this.

U.S.

stock futures are also down, having closed on Friday at record highs, it has to be said.

And treasuries, it's hard to gauge.

Tokyo markets closed overnight, so we're only getting cash trading today.

running up into the US open.

And that will be a major focal point, even though there are two big debt auctions today to complicate matters.