Investors are now less concerned about tariffs than the economy, says BofA survey. Why that could be a mistake. - MarketWatch

1. Tariff anxiety reduced, shifting focus to economic data and Fed policy. 2. Investor sentiment changed after Trump's firing of BLS commissioner post weak jobs report. 3. Expectations for a Fed rate cut in September are rising amid labor market signs. 4. Barclays warns of intensified economic growth drag from new tariffs. 5. Stagflation risks could impact stocks and complicate potential Fed cuts.