Hi everyone, happy Friday. It's 4 o'clock in New York at the end of a volatile and dramatic week for the markets, for the global economy, for Main Street, for American households, for the whole country, the whole world, all because of one man,

Donald Trump. The Dow today rising more than 600 points. It's after the White House said it was

optimistic about a trade deal and despite China raising its tariffs on American goods to 125%.

There are other deeply ominous signs for the economy. A measure of consumer sentiment

dropped to the lowest level in nearly three years, the second lowest level in the history of

this survey being taken. And there's this too from CNBC, quote, respondent's expectation for

inflation a year from now leap to 6.7%, the highest level since November, 1981,

and up from 5% in March. So what that means is that the American consumer is now expecting

inflation to go up, to be higher. And that sentiment comes six months after an election almost

completely defined in the minds of swing voters by voter

anger over the cost of living, the cost of stuff. CNBC adding this, quote, the survey showed

unemployment fears rising to their highest since 2009. An economist tells CNBC, quote, consumers have

spiraled from anxious to petrified in the midst of this increasingly dire economic picture.

You might think that business leaders would now feel comfortable about sounding the alarms and making a mistake they are alarmed.

Headlines about a slowdown and warnings about the economy are everywhere you look.

But brand new reporting suggests that they are now pulling their punches and what the cause of all of this uncertainty really is.

Because as we said at the top, the cause is one man and one man only.

Donald Trump. New York Times reports this. Quote, Wall Street's biggest firms on Friday attempted the tricky two-step of revealing the toll of President Trump's whiplash tariff policy without outright criticizing, a man who has repeatedly tangled with the financial industry for slights both real and imagined.

It is becoming clear that if financial titans have flashed some anger around Trump's

terror policy, they are wary of criticizing the president directly.

One reason is that Trump has shown he's willing to confront bankers publicly.

Shortly after his inauguration, in a speech given remotely to executives gathered in Davos, Switzerland,

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