There's people thinking inflation is dead besides Trump? The whole reason rates are this high is because the economy has been running hot and tariffs excacerbated it by pulling future revenues to the present
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Tariffs definitely pulled demand forward and added pressure.
But there are a lot of people acting like inflation is “done,” especially when they only look at the headline trend and ignore the underlying stickiness in services, wages, and PMI strength.
I’m not saying inflation is exploding… just that the data isn’t matching the victory laps people keep taking.
We’ll see what CPI says next.