Alena Botros

Although “the mood music with China has improved,” the bank’s chief economist still expects other tariffs increases—and sees “a meaningful risk that some of the paused ‘reciprocal’ tariffs will take effect after all.”

“Powell is not going to do anything,” Siegel said in an interview. “Trump, I think, is going to step up the escalation,” he said later.

“The data is almost secondary at this point,” JPMorgan’s Bill Eigen said in a television interview Friday, before the jobs report came out.

But there is a silver lining: The housing market is rebalancing.

“I have a Fed person who is not really doing a good job,” the president said at a rally.

“Nobody wins,” Gene Seroka said. “China is America’s factory.”

But if anything, it’s a correction not a crash.

“The president putting this pressure on the Fed would not actually achieve his goal, if his goal is lower mortgage rates,” said Chen Zhao, Redfin economics head.

“Things went from really good to not as good,” CBRE chairman and chief executive Bob Sulentic said in an earnings call Thursday.

Treasury Secretary Scott Bessent, in remarks to the Institute of International Finance on Wednesday, said the two agencies are falling short.