<h1>Import tariffs and an executive order increase market uncertainty while the Fed's hold reduces odds of an imminent rate cut.</h1> An executive order imposing a substantial import tax on copper and a 25% tariff on specified imports from India, effective August first, combines with the Federal Reserve's decision to hold rates and its Chair's refusal to commit to a September cut. Those trade measures increase consumer price pressure and sectoral uncertainty, while the Fed's conditional stance and higher Treasury yields reduced market expectations for a near-term rate cut and contributed to equity market volatility.