Interesting comments from Fed officials today, with a slight change in messaging from "wait and see stance" to "open to act, watch out for unemployment" ➣ FED'S HAMMACK: FIRMS ARE PAUSING INVESTMENTS AMID UNCERTAINTY WE DON'T KNOW YET WHAT UNCERTAINTY AND TRADE POLICY WILL DO TO THE ECONOMY I DON'T HAVE A BASE CASE RIGHT NOW, I AM LOOKING AT SCENARIOS FOR THE ECONOMY THE US ECONOMY IS VERY RESILIENT I AM SEEING GOOD THINGS IN THE HARD DATA, BUT SOFTER DATA IS AN ISSUE THE FED NEEDS TO BE PATIENT, IT'S TOO SOON TO CONSIDER A MOVE IN MAY THE FED WILL MOVE QUICKLY IF IT NEEDS TO FED COULD MOVE IN JUNE IF DATA IS CLEAR ABOUT ECONOMY'S STATE LOWER STOCKS, BONDS, AND DOLLAR TRADE SHOULD BE MONITORED ➣ FED'S WALLER: GENERAL TONE IS MANY COMPANIES ARE FROZEN BY TARIFF UNCERTAINTY THE EASIEST PLACE TO OFFSET TARIFF COSTS IS BY CUTTING PAYROLLS IT WOULDN'T SUPRISE ME TO SEE MORE LAYOFFS AND HIGHER UNEMPLOYMENT IT'S POSSIBLE THAT TARIFFS COULD PUSH UP THE UNEMPLOYMENT QUICKLY THE SECOND HALF OF THE YEAR WILL BRING CLARITY ON TARIFF IMPACT I STILL STRONGLY BELIEVE TARIFFS WILL BE ONE TIME PRICE LEVEL EFFECT IT'S GOING TO TAKE COURAGE TO STARE DOWN TARIFF PRICE INCREASES AND SEE THEM AS TRANSITORY I'M WILLING TO LOOK THROUGH TARIFF PRICE RISES