Recession odds are rising as Trump’s tariffs sink bond yields, oil prices, and stocks. So, too, are the odds of multiple Federal Reserve interest-rate cuts.

He doesn't want to change the central bank's interest-rate policy unless it's really necessary. He was very clear in a Washington speech Friday that he doesn't think a Fed rate cut is necessary. He would much prefer to wait until the next meeting of the Federal Open Market Committee on May 6-7.

Traders on Friday bet the Federal Reserve will wait until June to start cutting interest rates after a government report showed stronger than expected jobs growth last month, even as they bet that the first rate cut will be a bigger-than-usual half-point reduction.