TARIFF FRENZY SETS UP CRITICAL POWELL SPEECH Friday remarks by Fed Chair Jerome Powell have been on the calendar for weeks, but they take on a new urgency after President Trump's tariff announcement shocked investors and business leaders. The speech "will now be ONE OF THE MOST IMPORTANT POWELL SPEECHES IN THREE YEARS," Andy Brenner of NatAlliance Securities writes to clients. In his most recent comments, Powell has said that monetary policy is still in a restrictive stance, a "good place" given that inflation remains above the Fed's target. Tariffs could threaten both sides of the Fed's dual mandate, however, by increasing inflation pressure while also damping economic growth and the labor market. Powell is scheduled to speak at 11:25 a.m. ET Friday.