Trump is back with the tariffs after they failed to reach an agreement with Canada. He already announced they will be announcing new tariffs for Canada in the coming hours, and looks like the EU and US will also not reach an agreement, so probably more tariffs on the way. The SP500 is already correcting almost 1% from the top, but it went up 0.5% from the wick on the futures. So probably the market is not buying Trump's flip flopping tariffs and don't want to overreact. Trump thinks the US is one of his personal businesses and is going to find out that is a mistake. This just gives further leverage for Powel to present a reasonable thesis when it comes to not cutting rates.