By coinnews 
00:00 Speaker A
Let’s get to the three things that you need to know today.
00:03 Speaker B
First up, US stock futures sharply lower this morning as the fallout from President Trump’s tariffs continues. The president remaining firm on his plans and comments over the weekend saying markets may have to take medicine amid the tariff induced hit. Meantime, strategists across Wall Street slashing their year end targets for the S&P 500 with analysts from Oppenheimer, Morgan Stanley, Evercore ISI, Goldman and Socgen all cutting their forecast in recent days.
00:33 Speaker A
Plus economist now boosting the odds of a recession. This year Goldman Sachs and JP Morgan warning on risk of an economic slowdown, but Treasury Secretary Scott Beson is rejecting the idea of a recession, telling NBC’s Meet the Press that there is no reason to price one in. However, traders are boosting bets of Fed intervention with markets fully pricing in five interest rate cuts this year, and a 40% chance of emergency cuts in the coming weeks.
01:01 Speaker B
And Jamie Diamond out with his annual letter to shareholders this morning, urging for a quick resolution to President Trump’s tariffs plans while warning on fragmentation of our long-term economic alliances. The JP Morgan CEO writing the quicker the issue is resolved, the better, because some of the negative effects increase cumulatively over time and will be hard to reverse. The letter marking Diamond’s first public commentary on the measure since they were announced, and this also comes ahead of big bank earnings kicking off this Friday.