- Businesses are uniformly saying they will pass on the cost of tariffs
- There is an outcome where the Fed might look through tariffs but also one where it could affect price expectations
- Businesses say pricing power is in decline. It would be a surprise if it quickly flipped
- Says he doesn't expect enough clarity by March to adjust interest rates
- To cut rates again would want to see the housing market slow
US equities are near the best levels of the day.
