Wednesday’s upcoming tariff announcements provide a wide range of possible outcomes. The uncertainty and downside risks to the economy and earnings have rattled markets.

Impact effect? Risk-off and lower Treasury yields. No break of prior ranges on market rates but it smells like they want to go lower ahead. It feels like this could unravel further negative.

President Donald Trump's "reciprocal' tariffs against U.S. trading partners went into effect at midnight Wednesday, raising costs to import goods from China, Europe Southeast Asia and more.