Welcome to closing bell. I'm Scott Wobner, live from Post 9 right here at the New York Stock Exchange.

This maker breakout begins with this late-day sell-off in stocks and why it's the Fed share who might be responsible for initiating it.

We'll have more on that in just a moment. We're showing you here the majors with 60 to go in regulation.

We're sharply lower across the board, already weaker today, thanks to a big decline in shares of Nvidia on New China export

restrictions. There's been some new news within the last hour dragging those shares even lower.

We'll have the very latest there too. Most of tech is falling today. Big declines and several other

chip names, mega caps are lower across the board. Consumer discretionary stocks are very red,

too, led by Tesla. Watching all of that, it does take us to our talk of the tape, which is all of

the uncertainty caused by President Trump's trade war. The Fed among those in a big fog over where

inflation and the economy are really heading. Chair Powell was in Chicago today talking about that.

Our senior economics correspondent, Steve Leesman, joins me now with more.

The market definitely sold off as the Fed Chair was talking.

What do you think specifically it was, Steve, that unsettled the market further?

I think it was the focus on making clear that despite Scott heightened uncertainty and

downside risk to the economy, he remains focused on avoiding any secondary or knock-on effects

of tariffs on inflation, and he won't respond with policy until he can sort it out.

How long does it take for the tariffs to have their effects on inflation?

To the extent it takes longer and longer, that raises the risks that the public will begin to experience higher inflation.

They'll come to expect it, and companies will come to expect it. So that risks

of higher inflation. Powell reiterated his hawkish remarks from April 4th that the Fed's obligation

is to keep those one-time price increase from becoming an ongoing inflationary problem.

And that would seem to dash any imminent hopes for a near term or preemptive rate cut.

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