Welcome to closing bell. I'm Scott Wapner, live from Post 9, here at the New York Stock Exchange.

This make a break hour begins with the road ahead for the markets.

With one of the world's great investors saying Trump's tough tariff talk has already caused damage, we will explain ahead.

In the meantime, we'll show you the scorecard. There it is, with 60 to go in regulation, pretty mixed picture, as you see.

And that is ahead of tomorrow's CPI

inflation report. It is critically important. That's what one Fed watcher, Nick Timorosa, the Wall

Street Journal, says. He's going to join us momentarily. We can't wait for that. We'll also have the

latest on the Musk-Altman Battle Royal, where all of that is heading, new twist and turns there.

It does take us to our talk of

the tape, to cut or not to cut, and when? A key question, the Fed is no doubt grappling with

these days. So let's welcome in, Nick Timmeros. He is the Chief Economics correspondent for

the Wall Street Journal. It's nice to see you again. Thanks for having me, crap.

So I guess we'll get some clues in the morning with CPI,

which you say is especially important this time around. Why? Well, remember, we're lapping

those very high print of one year ago. And in the last two years, we've come into the year

thinking, all right, inflation is looking better. It had declined at the end of 22.

It was declining a lot at the end of 23.

And then forecasters and the Fed were sort of hit by these rude, firm inflation prints at the beginning of the year.

So I think the question now is, is there something going on where we are in the business cycle, the high inflation

we've had that is leading to larger turn of the year recess, or are we through all of that?

Well, the other problem is, of course, as he continues to say, is they don't really know

what the impact of the tariffs is going to be, no more than anybody else does.

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