内容摘要：A beluga whale swims through the Churchill River, Sunday, Aug. 4, 2024, near Churchill, Manitoba. (AP Photo/Joshua A. Bickel)

A beluga whale swims through the Churchill River, Sunday, Aug. 4, 2024, near Churchill, Manitoba. (AP Photo/Joshua A. Bickel)

A pod of dolphins swim off of Wolf Island, Ecuador in the Galapagos on Sunday, June 9, 2024. (AP Photo/Alie Skowronski)A pod of dolphins swim off of Wolf Island, Ecuador in the Galapagos on Sunday, June 9, 2024. (AP Photo/Alie Skowronski)

A type of Pacific green sea turtle swims through the water off of Wolf Island, Ecuador in the Galapagos on Monday, June 10, 2024. (AP Photo/Alie Skowronski)A type of Pacific green sea turtle swims through the water off of Wolf Island, Ecuador in the Galapagos on Monday, June 10, 2024. (AP Photo/Alie Skowronski)Bigeye trevally fish swim against the current at Wolf Island, Ecuador in the Galapagos on Monday, June 10, 2024. (AP Photo/Alie Skowronski)

Bigeye trevally fish swim against the current at Wolf Island, Ecuador in the Galapagos on Monday, June 10, 2024. (AP Photo/Alie Skowronski)The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s

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ON HUDSON BAY (AP) — Searching for polar bears where the Churchill River dumps into Canada’s massive Hudson Bay, biologist Geoff York scans a region that’s on a low fat, low ice diet because ofTrump himself said he had noticed how bond investors were “getting a little queasy” before he paused his tariffs.

Economists and investors had to reconcile contradictory signals about the economy. Surveys of consumers showed declining confidence, largely due to the uncertainty created by the Trump trade policy. But what investors call “hard data,” such as employment numbers, indicated the economy was still doing OK. As of Friday, when the government saidin April, the hard numbers appeared to have a advantage over the weak sentiment.

The Federal Reserve cut rates three times at the end of 2024, but then implemented a pause of its own by keeping rates steady, in part to assess the impact of the Trump trade policy. The strong jobs report seemed to give the Fed clearance to keep rates where they are for now — despite Trump repeating his call for cuts — but the market is still looking for 3 cuts before the end of the year.Through all the market’s tumult, U.S. companies have continued to deliver profit reports for the start of the year that have topped analysts’ expectations. Stock prices tend to follow profits over the long term, and that’s given the market a notable boost.