A record high stock market.

I'm David Brancaccio in Los Angeles.

First, business leaders complain of all the policy uncertainty, forcing them to put decisions on hold.

But the stock market is anticipating profits just now.

The S&P and the NASDAQ indexes started trading at all-time highs.

On Friday, we turned to Christopher Lowe, chief economist at FHN Financial in New York.

Hey, Chris.

Good morning, David.

First of all, stock market, some of the indexes, new all-time highs, despite all-time

uncertainty, what do you make of this?

Well, according to traders who've talked to the press, they're excited because the China

framework was announced yesterday.

Now, bear in mind, this is the same China framework that was announced weeks ago, the one

they negotiated in London.

What happened yesterday was all the necessary bureaucrats in both

countries finally signed off on it. So it's official. I think it's a bit of excitement maybe over

old news. Although Howard Lutnik, the Commerce Secretary, did add that he thinks were very close to deals with 10 other countries.

Yeah, that's interesting. You also had the White House chief economic advisor, Stephen Mirren, telling Yahoo Finance that he expects countries will get extensions past the July 9th tariff deadline if those countries have been negotiating trade with the U.S. in earnest?

You know, honestly, maybe that's really the most important thing because it means, you know, that that deadline clock is ticking the pause is about to end.

And it means the average tariff rate

is not going to kick all the way back up to where it was on April 2nd, and that's really important.

And briefly, we got the Fed's preferred inflation indicator today, personal consumption expenditures,

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