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Live from NPR News in Washington, I'm Jack Spear. When Federal Reserve Board Chairman Jerome

Powell speaks, the financial markets listen and investors appear to have not liked what

they heard today. Speaking to members of the Economic Club of Chicago, the Fed chairman had this response

when asked whether the central bank might be ready to take action as a result of current

market turmoil from President Trump's tariffs.

As that great Chicagoan Ferris Bueller once noted,

life moves pretty fast. For the time being, we are well positioned

to wait for greater clarity before considering any adjustments to our policy stance.

Powell did warn of a challenging scenario posed by tariffs, though, and did note there could be

difficult tradeoffs ahead as tariffs push up consumer prices while weakening economic activity.

Blue trips closed down more than 1.7 percent. The NASDAQ plunge more than 3 percent today.

California leaders are asking a federal court to halt President Trump's tariffs, arguing in a lawsuit filed today.

He exceeded his authority in imposing them. Member station KQED in San Francisco,

Marisa Lagos, says more. Governor Gavin Newsom says the 10% across the board tariffs, as well as higher

tariffs levied against Mexico, Canada, and China are not legal and are hurting both businesses and consumers.

He appeared at a family-owned almond farm in California's Central

Valley Wednesday morning. No state is poised to lose more than the state of California. So that's

our state of mind. That's why we're asserting ourselves on behalf of 40 million Americans.

The suit argues Trump needs congressional authorization for actions with

such broad economic consequences. White House spokesman Cush Desai responded in a statement saying

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