On Wednesday Federal Reserve chair Jay Powell announced that US interest rates would remain unchanged. But the monetary policy committee is clearly worried that tariffs might slow growth and increase inflation. Today on the show, Rob Armstrong, Katie Martin and Aiden Reiter try to figure out why markets weren't worried by what they heard from the Fed. Also they go long Twitter (X… whatever) and short Tesla.

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You can email Robert Armstrong and Katie Martin at unhedged@ft.com.

Read a transcript of this episode on FT.com

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