How running a car company these days is like trying to drive wearing a sleep mask.

I'm David Brancaccio in Los Angeles.

Ford Motor Company stock is down 2.5% pre-market now after the company said it cannot assess its sales and profits for the rest of the year given tariffs.

Marketplace's Nancy Marshall-Gensar reports.

Ford says revenue for the first quarter was down 5% from the same time last year. It blames a

planned shutdown of certain plants related to vehicle launches that limited inventory. Ford estimates

that tariffs will take a $1.5 billion bite out of its earnings before interest and taxes this year,

but then adds that's, quote, subject to ongoing tariff-related policy developments.

Companies usually include more detailed financial guidance for the year in earnings reports,

projections of things like revenue and costs.

But Ford says it can't do that because

there are substantial industry risks that could have significant impacts, risks like future

or increased tariffs and industry-wide supply chain disruptions. And that makes updating its

financial guidance for the full year challenging right now.

But Ford does say it's in a better position than other automakers because it makes more of its vehicles in the U.S.

I'm Nancy Marshall Genser for Marketplace.

Which bird is it? Hawk or Dove?

The Guardians of Interest Rates at the Federal Reserve meet today and tomorrow on what to do about an economy under stress, given higher import taxes aimed at reshoring jobs.

Hawks use their talons, higher interest rates to beat down inflation. Doves soothe by lowering interest rates to make borrowing easier.

Karen Petru is managing partner at Federal Financial Analytics.

The Fed is going to stay up in the trees. They are not going to change rates today.

This is, in my strong opinion, because that's what they think, the right thing to do at a time

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