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Trump has been relatively clear on this.He is looking for unilateral concessions from trading partners + acceptance of the base tariff. EU equally has been clear that it wasn't willing to accept this structural set up. From a good NYT piece by Jeanna Smialek 1/

Ahead of the Fed's May meeting, investors were still holding out hope that the central bank would soon restart rate cuts. But minutes from that gathering underscore how wedded officials are to their wait-and-see approach amid uncertainty about outlook federalreserve.gov/newsevents/pre…

SCOOP Trump orders US chip designers to stop selling to China #USChinaScoop Move will impact Cadence, Synopsys and Siemens EDA ft.com/content/2c0db7…

Scoop: The Trump administration has suspended sales to China of critical U.S. technologies, including those related to jet engines, semiconductors and certain chemicals, in response to China’s mineral restrictions nytimes.com/2025/05/28/bus…

Court says Trump doesn't have the authority to set tariffs axios.com/2025/05/28/tru…

This is not the end but just the first chapter of a new legal front in the trade war. There is going to be appeal, stay on the injunction (I would think), ultimately the supreme court. In the meantime reduced incentives for other countries to negotiate and more 232s.

From our trade & customs experts on court ruling on emergency tariffs known as IEEPAs 1) The government has 10 days to shut down the reciprocal and Canada, Mexico, China tariffs 2) The gov’t filed an appeal which may result in a stay of the injunction putting tariffs…

US continuing jobless claims have risen to the highest level since 2021. It's taking longer for people to get jobs.

Yesterday's US Court of International Trade decision invalidates the recent tariffs imposed under IEEPA, including the "reciprocal" tariffs & most tariffs on China, Canada, & Mexico, leaving only the Section 232 commodity tariffs in place. What are the economic implications? 1/8

New statement from the Fed: "At the President's invitation, Chair Powell met with the President today at the White House to discuss economic developments including for growth, employment, and inflation." They did not discuss expectations for monetary policy, although Powell

Powell emphasized in the meeting that policy decisions would be based on "solely on careful, objective, and non-political analysis"

In a speech Thursday, Fed governor Kugler flags "potential lower desirability of U.S. financial assets in flight-to-safety events" "It is crucial to examine how possible changes in the role of U.S. financial assets as a safe haven might affect financial stability"

The Fed's preferred inflation measure stayed subdued in April as spending slowed, but the outlook for the economy has become even more muddied amid constant changes to Trump's policies bea.gov/news/2025/pers…

66% of US consumers expect unemployment to rise, up from less than 33% in November. 64% of consumers expect business conditions to worse in the year ahead, up from 29% in November. --> "Consumers continue to worry that they may be PERSONALLY impacted by a macroeconomic

RIP Stan Fischer. When Ueda became the latest of his student to lead a major central bank I wrote this post on.ft.com/3K3Ruxv and attempted to map out all the people he had directly influenced. And these are just the first-degree connections!

The basic rule of thumb for the federal budget is that the government should spend heavily during crises and then get its fiscal house in order. The GOP bill turns that rule on its head, meaning fighting the next crisis may be harder nytimes.com/2025/06/02/bus… Ben Casselman

'Republicans Try to Discredit Experts Warning About the Cost of Tax Cuts' The New York Times

In Cincinnati, Beth Hammack of Cleveland Fed heard rising angst from businesses but no immediate plans for layoffs. She prefers to "wait and move quickly to play catch-up" on policy moves "I legitimately do not know which way this is going to break" nytimes.com/2025/06/06/bus…

Just out: Employers added a better-than-expected 139,000 jobs in May. The unemployment rate stayed stable at 4.2%