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President of the Richmond Fed Tom Barkin hinted that confidence the FOMC needs to cut rates further has been hindered by President Trump’s tariff policy.

Oil prices edged lower on Tuesday as traders braced for reciprocal tariffs that U.S. President Donald Trump is due to announce on Wednesday, which could intensify a global trade war. However, Trump's threats to impose secondary tariffs on Russian oil and to attack Iran fueled supply worries, limiting losses. The White House provided no details about the size and scope of tariffs that it confirmed Trump will impose on Wednesday.

Bitcoin has dropped to $82,100, Ethereum to $1,790, and XRP to $2.13, extending losses alongside U.S. stock futures as investors react to rising trade tensions and inflation concerns.

Goldman Sachs cut its S&P 500 target and raised its recession forecast. The bank now sees a 35% chance of a recession in the next 12 months.

NEW YORK (Reuters) -New York Federal Reserve President John Williams said on Monday that monetary policy is "well positioned" for what the economy might do this year, as he acknowledged there are risks that inflation could once again heat up. "Monetary policy is moderately restrictive," Williams said in an interview with Yahoo Finance, with the current setting of interest rates "putting some downward pressure on inflation." Williams added that while he cannot predict when the U.S. central bank might change the current level of interest rates, keeping it in place "for some time" will allow officials to study incoming data and decide what they need to do next.

As Wall Street heads into a new quarter, a flurry of President Donald Trump’s tariffs are set to go into effect. That has traders on edge and has helped put US stocks in their worst first-quarter slump in years.

The problem is not tariffs—the problem is Donald Trump.