Good morning. We’re still talking tariffs, even if there’s some respite. What’ll China do next? How’s inflation looking? Billionaires had a great day yesterday. And if you’re looking to make the most of a layover, we know just the spot. Listen to the day’s top stories.

Markets are seeing some reprieve after Donald Trump hit pause on some tariffs, but traders aren’t letting their guard down. Trump’s tariff policy has the potential to be the biggest economic event of our lifetimes, said Oaktree Capital’s Howard Marks, who likened it to Brexit. 

Wait, he did what? Here’s the inside story on why Trump blinked—other levies are still in place—and is still playing hardball with China. Tariffs do remain at a historic high, and the path forward is unclear. But this tracker provides a handy guide to what the president has been doing, and undoing.

In China, leaders are meeting to discuss additional economic stimulus, people familiar said. Financial regulators will also be talking about how to support the economy and stabilize markets. Goldman Sachs lowered its China growth forecasts though, indicating it’ll be difficult for Beijing to fully offset the negative effects of tariffs. 

Federal Reserve officials are prepared to hold their policy rate steady to minimize the risk that Trump’s tariffs trigger a persistent rise in inflation, even if the labor market softens further. Minutes from their meeting last month showed they were already starting to be worried about stagflation. One official, Neel Kashkari, said the bar for lowering rates is higher now.

And speaking of inflation, we get monthly CPI data today. US inflation probably stepped down in March, thanks in part to a drop in energy costs, offering some relief to consumers before tariffs filter through. The index is seen rising 0.1% from February, according to a Bloomberg survey of economists. 

Deep Dive: Billionaires’ Best Day Ever

Photographer: omersukrugoksu/iStockphoto

Markets were hectic for most investors yesterday, but very, very good for the rich.

•  The world’s wealthiest added $304 billion to their combined net worth Wednesday—the largest one-day gain in the history of the Bloomberg Billionaires Index. 
• The S&P 500 jumped the most since 2008 after Trump decided to pause some tariffs, boosting the fortunes of the world’s 500 richest people by an average 3.5%.
• Even before the market turnaround, some billionaires bought shares of their own companies, seeing lower share prices as an opportunity to increase their stakes. 
• What if you’re not rich and you’re still freaking out? Be cool. Here’s how to “recession-proof” your portfolio. 
   
  

Subscribe to Stock Movers, your 5-minute podcast on the winners and losers of each trading day.

The Big Take

Bloomberg Tech: Join top tech decisionmakers and influencers on June 4-5 in San Francisco. Decode technology’s evolving role across business, culture and healthcare as we discuss the advances transforming industries and how they impact society. Learn more.

Opinion

In the wake of Trump swerving on tariffs, for everyone but China, it’s best not to assume that the only way from here is up, John Authers writes. Game theory suggests we’re potentially set for a prolonged trade conflict.

Before You Go

The Forest Valley garden in the Jewel Changi Airport. Photographer: Wei Leng Tay/Bloomberg

Singapore’s Changi reclaimed its crown as the world’s best airport in 2025, bumping Doha off the top spot in the Skytrax World Airport Awards. No surprise here, but US hubs continued to perform poorly. The highest ranked, Houston’s William P. Hobby Airport, came in 27th. 

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