Krishna Guha, analyst at Evercore ISI, said: "Fed independence will be a focus in the coming days as tariffs trickle down to consumer prices. If you like tariff-induced market disruption, you will love the" Fed loss of independence "trade." "The evidence from multiple perspectives of historical, fundamental and technical analysis points to a slightly more defensive stance at this time," Keith Lerner, chief market strategist at Truist Advisory Services, wrote in a note to clients, downgrading US stocks.