−20%0+20%+40%−9.3%−1×+9.3%+1×Trump announces reciprocal tariffs and a 10% baseline tariffJobless claims for the week to Mar 29, 2025: 219,000 (-5k)Trump announces a 90-day pause on reciprocal tariffsCPI release for March 2025: -0.1% on the month, core +0.1%Retail sales for March 2025: +1.7% on the monthJobless claims for the week to Apr 12, 2025: 215,000 (-8k)Jobless claims for the week to Apr 19, 2025: 222,000 (+7k)April 2025 monthly options expiryGDP for 2025 Q1: -0.3% a yearJobless claims for the week to Apr 26, 2025: 241,000 (+19k)FOMC: holdJobless claims for the week to May 3, 2025: 228,000 (-13k)CPI release for April 2025: +0.2% on the month, core +0.2%Retail sales for April 2025: -1.5% on the month