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.

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.

Tomorrow is what President Trump calls "Liberation Day" as he is expected to announce new tariffs. NBC News' Melanie Zanona reports more from Capitol Hill. Also, NBC News' Christine Romans joins Katy Tur to provide more insight on the markets and the potential economic impact.