Investors will need to have a sense of the cost of Donald Trump’s tariffs before the U.S. stock market finds a bottom, Empower’s chief investment strategist said, as reflected in the modest rebound in stocks after today’s better-than-expected CPI report.

U.S. tariffs on imported steel and aluminum are now in effect, part of an escalating series of trade maneuvers by President Donald Trump that have unsettled markets.