The moderate pace of hiring in November is keeping hopes alive for another rate cut from the Fed, but is the US central bank on a collision course with the new Trump administration? Maggie Lake sits down with Harry Melandri, senior advisor to Arque Advisors and author of the upcoming Substack Respice Finem, to discuss the challenges facing chairman Jay Powell. Harry talks about what the proposed tariffs will mean for inflation and the rest of the world and where he sees opportunity.