U.S. markets continued to experience heightened volatility this week, resulting in declines across all benchmarks including Treasuries and the dollar. Stocks were similarly hit, though late-day rallies on Friday in both the S&P 500 and the Dow helped to mitigate their losses for the week. Overall, the S&P ended the week down 2.5%, and the Dow finished down 3.1%. This week saw two new major sources of volatility. First, Federal Reserve Chair Jerome Powell implied to Congress that he would be open to four interest rate hikes this year instead of the three that had already been priced in by markets, and also indicated that he would be less interventionist than his two predecessors in the case of market volatility. Second, the President suddenly announced new tariffs on steel and aluminum imports, causing uncertainty about how the tariffs would be implemented and stoking fears that other countries would retaliate against politically sensitive American exports.