All right, that's it. I give up. You all figure it out. I mean, I'm kind of kidding, but I'm

kind of not. From American public to have you along, everybody.

Tariffs are on. Tariffs are off. Tariffs are modified. Tariffs are coming in a month. Stop me when you have heard enough.

Traders obviously have given up on trying to figure it out. All three major indices tumbled

amid the chaos and confusion, even though the tariff news today is that the president's taxes on

most imports from Canada and Mexico, effective as of just two short days ago, are off for a month.

Whiplash is the economic order of the day for everybody for sure, but most particularly

for the people whose actual job it is to keep this economy going.

When it comes to navigating through a trade war, this is not Jay Powell's first rodeo.

Powell was new to the job in March of 2018 when first term President Trump announced those

25% tariffs on steel and 10% on aluminum and then the China tariffs a couple of months later.

But the American economy, the Fed was managing back then, was very, very different than the one

it's managing now. And as his marketplace's Matt Levin reports,

so are the Fed's options for keeping it on track. The obvious difference between the economies of

2018 and 2025? I think there's three words. It's inflation, inflation, inflation.

Anne Owen is an economist at Hamilton College. Back in 2018, entire generations of

Americans had never really had experience with high inflation. It was one of those mythical things

from decades past, like print newspapers or civil political discourse. So when Trump floated his

first term tariffs, consumers and businesses didn't

really expect inflation to rise above the 2% or so they were used to. Now, though, after four

years of paying through the nose for eggs? So if you are paying attention to any discussion

about the impact of tariffs, certainly inflation is a word that you're

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