Powell finally said that tariffs do NOT affect the economy or inflation. Trumpnomics delivered both strong economic growth and price stability in the first term. It is delivering again in the second. Markets immediately recognized the punch of Powell’s tariff epiphany. The Dow smashed through its 45,000 ceiling – and I remain on record predicting a march to 50,000. Yields on the 10- and 30-year Treasuries tumbled, driving bond prices sharply higher.