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Fed Chair Jay Powell

Stocks getting hammered to end a volatile week as trade war fears are getting real. Earlier this week we saw stocks rebound after Trump's chief economic advisor Larry Kudlow came out and softened the blow after Trump announced plans for $50 billion in additional tariffs on Chinese imports.

But an escalation by Trump on Thursday to seek tariffs on $100 billion in imports from China and then Chinese officials saying this would cause them to seek further countermeasures really set the whole thing off.

We also had comments from Fed Chair Powell saying growth has picked up enough to justify rate hikes and inflation would likely accelerate in the months ahead.