US equities were mostly higher in Wednesday trading as stocks finished just off their best levels, with the Dow Jones, S&P500, and Nasdaq closing up 16bps, 24bps, and 7bps respectively. Trump indicated 25% tariffs on autos, chips and pharmaceuticals. January FOMC meeting minutes reiterated that Fed can afford to be patient to assess the economic outlook; however, some officials flagged inflation that remains somewhat elevated. January housing starts missed but December’s revised higher, while building permits beat. Today's $16B 20Y auction tailed.