The arrival of stagflation in earnest would put Donald Trump’s administration in the company of that of President Jimmy Carter and the economic afflictions of the late 1970s. The biggest warning sign so far is the historic damage being done to the US dollar—down 8% against a basket of peers.

U.S. stocks ended lower on Tuesday as investors weighed the impact of tariffs after Yum Brands and other companies cited trade duties in their results or outlooks.

Investors were feeling pretty calm on Wednesday, despite worries about the health of the U.S. economy and President Donald Trump's looming tariffs deadline. The Cboe Volatility Index, or VIX, slipped 0.