Chief executives of Walmart, Target and Home Depot reportedly warned Trump that supply chain disruptions were already underway and would lead to empty shelves at U.S. stores in a matter of weeks.

Long-maturity Treasury yields tumbled Wednesday as part of a broader rally in dollar-denominated risk assets, after US President Donald Trump said he wasn’t inclined to fire the head of the Federal Reserve and suggested tariffs on Chinese imports could drop.

The de-escalation drew an immediate thumbs up from Wall Street, as equity index futures jumped by nearly 2% on the resumption of trading on Tuesday evening.