Good morning. President Donald Trump lashed out at Fed chair Jay Powell yesterday after Powell emphasised the risks posed by tariffs in a speech on Wednesday. Before Trump, it would have been unusual, and even alarming, for a president to openly rail against the Fed chair. But the market seems to be well prepared for such skirmishes: the S&P 500 was flat yesterday, and yields on the 10-year Treasury only ticked up 5 basis points.

Unhedged will be off for Easter Monday, but back in your inboxes on Tuesday. Email me: aiden.reiter@ft.com. 

AI adoption

Big Tech has had a rough year: the Magnificent 7 stocks are down 22 per cent, and semiconductor stocks have taken a beating. With the exception of the January wobble caused by Chinese AI upstart DeepSeek, this seems to be more about market volatility than dents in the AI narrative.