We plan on covering much of this in the weekend report, but given the magnitude of the moves this week, we want to review where we stand ahead of Friday’s trading. We did get to cover some of this on Wednesday on Bloomberg TV (starts at the 52-minute mark), but here is a quick summary. Tariffs A lot of confusing messaging this week, some of which has to be corrected. The negative news is that tariffs seem likely to be imposed, and even if they get relieved later on, some damage to the economy will be done. Mexico did deliver ... Tariffs, AI, Crypto, Sentiment, Rates, and the Economy