Ben Emons, Chief Investment Officer and Founder at Fed Watch Advisors as well as Chief Market Strategist at Strategic Fortune Wealth, tells James Ross the mention of tariffs in the US Federal Reserve minutes shows how guarded the central bank is being around the outlook for inflation. Martin Hennecke, Head of Asia Investment Advisory, St. James's Place Wealth Management says the elephant in the room is the escalating budget deficit, and the Fed may be more stuck between a rock and a hard place than many may think.