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On Wednesday, Trump pulled back from the brink on most of the reciprocal tariffs announced on April 2. The market surged. But we're still in an extraordinarily challenging moment. We have new across-the-board tariffs. We have gigantic tariffs on China. And there's a possibility that a recession has already begun. So what does the Fed do in this environment, with so much persistent uncertainty? On this episode, we speak with Rob Kaplan, former President of the Dallas Fed, and now the Vice Chairman of Goldman Sachs. We talk about the extreme uncertainty, the unusual behavior in the market, and what this all means for the energy sector. Read more: Fed Officials Worried Over Stagflation Risk Ahead of Tariffs (https://www.bloomberg.com/news/articl...) Wall Street Chatter Grows That Fed May Act If Bond Rout Worsens (https://www.bloomberg.com/news/articl...) Only http://Bloomberg.com (http://Bloomberg.com) subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots (https://www.bloomberg.com/subscriptio...) Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets. Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Check out more Odd Lots: • Odd Lots Get the Odd Lots newsletter via https://www.bloomberg.com/account/new... And for all things Odd Lots, visit https://www.bloomberg.com/oddlots Visit our other YouTube channels: Bloomberg Television: / @markets Bloomberg Originals: / bloomberg Quicktake: / @bloomberg-news #Bloomberg #Podcast #OddLots Visit us: https://www.bloomberg.com/podcasts Follow Bloomberg Podcasts on Twitter: / podcasts For coverage on news, markets and more: http://www.bloomberg.com/video