On today's podcast:      

1) A federal appeals court temporarily blocks a ruling that threatens to throw out the bulk of President Trump's tariff agenda. Traders are reassessing their appetite for riskier assets amid concerns over weaker growth and fiscal strain, with the setup being "quite pessimistic" according to an investment officer.  

2) President Trump pushes Fed Chair Jay Powell to lower rates at a meeting at the White House. The president told Powell that not lowering rates is putting the US at an economic disadvantage to China and other countries, and Powell stressed that the path of policy will depend on incoming economic information.  

3) Treasury Secretary Scott Bessent says trade talks with China have stalled. Bessent believes more talks will happen with Chinese officials "in the next few weeks" and sees the personal involvement of both country leaders as essential.