I think the can has been kicked down the road so many times it frankly makes the tariffs hardly part of the story. The bigger story is the fed keeping rates above 4% for years strait now and in no rush to cut. There will be a down turn and the sooner the better. It’s actually surprised me to see Trump admin willing to take actions that don’t just kick the can down the road. His treasury secretary even said openly exactly what this is without spin. I said 18 months ago, watch them let Trump win to pull rug out and blame him. We shall see, but it is clear the fed isn’t going to cut to zero and print anytime soon. It will be interesting!
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