Wall Street closed out the week lower after the White House confirmed tariff plans on Mexico, Canada, and China. The Dow Jones trimmed 337 points (-0.75%). Up 172 points at best. Down 375 points at worst. The S&P 500 lost 0.50%, and the NASDAQ fell 0.28%. For the week, Dow +0.27%, S&P 500 -1.0%, and NASDAQ -1.64%. For January, Dow +4.70%, S&P 500 +2.70%, and NASDAQ +1.64%. In economics December core PCE rose 0.2% MonM and 2.8% YonY, both in line with expectations, while personal spending rose 0.7%, beating forecasts of 0.5%. In Fed Speak, Bowman and Goolsbee, emphasized patience in adjusting policy, with markets pricing in less than a 20% chance of a March rate cut and expecting the first cut in June and ~50 bp of total easing in 2024. US treasuries were stable, while the USD Index kicked 0.69% higher.

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