Wednesday’s upcoming tariff announcements provide a wide range of possible outcomes. The uncertainty and downside risks to the economy and earnings have rattled markets.

Impact effect? Risk-off and lower Treasury yields. No break of prior ranges on market rates but it smells like they want to go lower ahead. It feels like this could unravel further negative.

The stock market fell significantly on Thursday after President Donald Trump’s “Liberation Day” announcement. Trump began his “Liberation Day” announcement after 4 p.m. on Wednesday, when markets closed for the day,