Since the end of January, the changes in the market have been driven by Trump's tariffs, starting with the announcement of reciprocal tariffs.

By mid to late February, GDPNow suddenly revised the GDP forecast from 2.5% down to -1.8%, heightening investors' concerns about an economic recession.

During the March interest rate meeting, Powell stated for the first time that the economy is showing a downward trend and openly indicated that all inflation and adverse economic factors stem from Trump's tariffs.

When explaining the facts, Powell's rebuttal suggested that it is not that the Federal Reserve does not want to lower tariffs, but rather that Trump has mishandled the situation. In April, China's 145% tariffs brought market sentiment to a low.

Then came the suspension of tariffs, with GDP and non-farm payroll data showing strong domestic purchasing power, and inflation not rising. Next, Bitcoin ($BTC) was first included in state strategic reserves, the U.S. reached trade agreements with most countries, paused AI chip regulations, and publicly announced tax cuts, all of which positively supported the market.

However, in reality, all the actions taken starting April 10 were just to clean up the mess from the previous tariffs.