In yesterday’s commentary, which was prepared earlier in the week, I proposed looking at the estimated tariff shock as equivalent to a new $2/gallon gas tax.
As new tariff announcements have been made through this week, however, that estimate now appears to be too low.
I am traveling to Leen’s Lodge for Camp Kotok next week. I paused yesterday in Bucksport, Maine, looking across the water at Fort Knox (a Civil War-era fort), to comment on the evolving tariff shock in a Kotok Quick Take.
If President Donald Trump can bring about a durable peace in the Middle East, he will have accomplished a remarkable feat (miracle?). IMO, it will take rendering Iran’s IRGC impotent to achieve that outcome.
Verified news reports about Russian satellite maneuvers trigger this question.
We look “under the hood” at the recent Producer Price Index report (BLS release, May 13) and don’t like what we see.
Peter Boockvar’s tells the global story of government bond yields and prices.
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