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The Conference Board indicated that about half of the responses were collected after May 12, when the pause on some tariffs on imports from China was announced.

While Dow Jones futures were up 1.35% at the time of writing, the S&P 500 futures rose 1.56%.

The Fed official said within the agency, there is a healthy debate among policymakers about whether to “look through” the inflationary effects of the new tariffs.

AI stocks have gotten beaten down this year on the backdrop of a volatile technology sector.

Sacks' remarks came shortly after Dutch Foreign Affairs Minister Caspar Veldkamp disclosed that China had renewed its appeals for the Netherlands to relax export controls on semiconductor technology.

At the Northwest Arkansas Fireside Chat, the Fed official noted that business and consumer inflation expectations are rising.

This comes after Apple CEO Tim Cook announced that the iPhone maker plans to move its manufacturing from China to India after President Trump’s reciprocal tariffs were announced on April 2.

The U.S. President noted there was “a century of drilling left, with Aberdeen as the hub,” where he owns a golf course and has previously fought offshore wind farms in court, arguing they would spoil the view from his property.

While Dow Jones futures were down by 0.11% at the time of writing, the S&P 500 futures fell 0.07%.

The economic calendar for the day is fairly light, with speeches by a few Federal Reserve officials and the Commerce Department’s new home sales report for April on tap.

President Trump has been at odds with Powell over the central bank’s decision not to lower the Fed funds futures rate despite the slowing inflationary pressure.

While Dow Jones futures were down by 0.07% at the time of writing, the S&P 500 futures rose 0.12%.

While Dow Jones futures were down by 1% at the time of writing, the S&P 500 futures fell 0.73%

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While Dow Jones futures were down by 0.08% at the time of writing, the S&P 500 futures fell 0.28%.

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The sharp drop came after U.S. importers began delaying or canceling shipments coming from China as Donald Trump’s 145% tariffs on Chinese goods came into effect.

For those investors nervous over the downgrade, he recommended Bitcoin (BTC.X) and gold as hedges against excessive government spending.

He remains optimistic about the broader U.S. economy, but steers clear of CCC-rated bonds, which he says are vulnerable to a downturn.