President Trump kicked off a month of volatility with outsized tariff announcements followed by heavy criticism of Fed policy. The potential impact of the tariffs and the level of policy uncertainty led markets lower. Signs of relief from tariff pauses, adjustments, and negotiation triggered a partial rebound. As markets grappled with sentiment versus hard data, the latest GDP report was slightly negative due to a spike in pre-tariff imports while there were some supportive results for domestic demand.