Equities (^DJI, ^IXIC, ^GSPC) are moving higher ahead of Monday's session close after President Trump announced plans to enact a 25% tariff on all steel and aluminum imports into the US.

Slatestone Wealth chief market strategist and host of Yahoo Finance's Trader Talk, Kenny Polcari, joins the Market Domination team in discussing today's market reactions and what to expect from Federal Reserve Chairman Jerome Powell's two days of testimony before Congress this week.

"I think Jay Powell made it very clear that they're [Fed officials] in no rush to cut rates, that they're being very data dependent," Polcari tells Julie Hyman and Josh Lipton. "But I really think now that they're going to take a step back and they're going to watch what are these tariffs, [what are] these tariffs going to do. Are they, in fact, going to be inflationary?"

See more of Kenny Polcari as the host of Yahoo Finance's newest podcast, Trader Talk with Kenny Polcari. Catch the latest episode where Polcari sits down with former Moody's chief economist John Lonski.

To watch more expert insights and analysis on the latest market action, check out more Market Domination here.

This post was written by Luke Carberry Mogan.