Good morning from the Financial Times, today is Friday, April 11th, and this is your FT News briefing.
U.S. stocks lost their sugar rush yesterday.
Meanwhile, there seems to be at least one company riding out the trade storm.
Plus, Indonesia has one of the biggest new sovereign wealth funds, but what happens if it gets mismanaged?
I'm Mark Filippino and here's the news you need to start your day.
U.S. stocks lost their buzz after having their best day in nearly two decades.
The S&P 500 fell 3.5% on Thursday.
And that's despite Donald Trump implementing a 90-day pause on tariffs and a pretty encouraging inflation report that came out yesterday.
Here to help me unpack all this is the FT's U.S. Markets Editor, Kate Dugud.
Hey, Kate.
Hey.
So, Kate, first, the inflation report.
The Consumer Price Index fell more than expected to 2.4%.
Usually that tells markets, hey, the Federal Reserve might be closer to cutting interest rates, which they love.
Why the sell-off then?
The market wasn't particularly excited about this because the data is stale.
It doesn't capture anything that has happened with tariffs in the past week or so.
So, markets are really kind of looking through this good inflation print and thinking, okay,
it seems like we're going to have a bunch of inflationary policies coming in pretty soon.
And that is more important than sort of backwards-looking data about inflation.