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We Must Hold Faith in Financial Markets: Rep. Frank Lucas
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April 7, 2025
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8:50Now PlayingRepublican Representative Frank Lucas of Oklahoma, said he's confident that Trump and his team will make the right strategic adjustments on tariffs if necessary.
The market chaos unleashed by Donald Trump’s trade war continued for a third day as stocks, bonds and commodities all swung wildly, buffeted by both fears of a recession and speculation the financial damage will drive him to change course.
After the darkening global outlook hammered markets in Asia and Europe, extending a slide that erased roughly $10 trillion from equity markets worldwide, the S&P 500 swung between large gains and losses as hopes flared — and then faded — that the US president would delay his tariff hikes. By mid-afternoon, the index had swing to a modest gain, at least temporarily halting the worst US stock slide since the pandemic lockdowns of 2020.
Volatility convulsed other markets as well, with traders continuing to price in a high risk of a global recession. Oil prices dipped. The VIX Index — known as the fear gauge — spiked early in the day to hold at pandemic-era levels. Treasuries weren’t much of a haven either: yields on longer-dated bonds surged, sending the 10-year yield up 16 basis points to 4.15%, underscoring the risk that tariffs could sink the economy and worsen the government’s finances.
Those expectations prompted traders to boost bets that the Federal Reserve will enact as many as five quarter-point rate cuts this year to offset the toll — even after Chair Jerome Powell indicated that he’s in no rush to resume easing as the trade-policy shift threatens to spark another bout of inflation.
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