Nigeria, May 8 -- This report is from today's TNC's Daily Open, our international markets update. TNC Daily Open keeps investors informed on everything they need to know, no matter where they are.

U.S. President Donald Trump had not yet imposed his so-called "reciprocal" tariffs on the rest of the world when the Federal Open Market Committee convened in March.

However, Fed officials were already preparing for the effects of trade restrictions. The FOMC raised its inflation forecast and decreased its U.S. economic outlook at the end of that meeting. "A good part" of the pessimistic outlook, according to Fed Chair Jerome Powell, "is coming from tariffs."

Even the most gloomy market observers were taken aback on April 2 when Trump raised ...