WASHINGTON, DC - APRIL 15: (L-R) Patrice Louvet (President & CEO - Ralph Lauren), Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) and Imran Amed (Founder, CEO and Editor-in-Chief - The Business of Fashion - The Business of Fashion) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

House Minority Leader Hakeem Jeffries, D-N.Y., speaks with reporters outside of the US Capitol, Wednesday, March 18, 2026, in Washington. (AP Photo/Mariam Zuhaib)

(COMBO) This combination of pictures created on April 15, 2026 shows (L/R) US Federal Reserve Board Chairman Jerome Powell in Washington, DC, on December 10, 2025 and US President Donald Trump at the White House in Washington, DC, on April 13, 2026. President Trump renewed pressure on Federal Reserve Chair Jerome Powell on April 15, 2026, with the US leader threatening to fire the central bank chief if he stayed beyond his mandate. Powell's term at the helm of the Fed ends in May, and Trump has repeatedly lashed out at him for not cutting interest rates more aggressively. (Photo by SAUL LOEB and Brendan SMIALOWSKI / AFP via Getty Images)