Wall Street strategists are sounding alarms that the US economy is drifting toward stagflation as the impact of trade tariffs start to show up, potentially restricting the ability of the Federal Reserve to slash interest-rates.

U.S. stocks ended lower on Tuesday as investors weighed the impact of tariffs after Yum Brands and other companies cited trade duties in their results or outlooks.

Stocks are rising on Wall Street, even as President Donald Trump’s latest tariffs kicked into effect on dozens of countries.