In February, following the sharp declines of stocks and cryptocurrencies that entered the risky asset class due to the additional tariffs starting with Canada and Mexico by Donald Trump, uncertainties increased with the rise in political tension throughout the month. Since it is unknown how much negative impact these tariffs will have on American economic data and the synergy of global trade, the selling pressure continued. The statement by FED Chairman Jerome Powell, emphasizing that they needed "stronger evidence for interest rate cuts" since the December meeting, combined with the uncertainty created by the additional tariffs in the economy, continues to create ambiguity among market participants regarding the start date of the interest rate cut process. The PMI data announced last Friday, declining to the lowest levels since September 2023, led to sharp sell-offs in US stock indices. Following the below-expectation Consumer Confidence data during the week, the previously priced 62% chance of an interest rate cut in June increased to 70%. However, the market consensus is that interest rates will be kept steady at the next FED meeting. While concerns about a single interest rate cut throughout the year persist, it should also be considered that these expectations could be quickly revised after a few data sets that would ease the FED's position.