While Tariffs Take Center Stage, Inflation Approaches Fed Target
1. U.S. equity markets fell due to DeepSeek's AI announcement and tariff uncertainties. 2. Non-Farm Payrolls (NFP) increased by 143K, below the 175K estimate. 3. Manufacturing hours declined, indicating a softening labor market trend. 4. Inflation rates are falling, with CPI potentially below 2% soon. 5. Tariffs on steel and aluminum imports may raise construction costs.