Good morning. The reciprocal tariffs are expected to be announced by President Trump on Wednesday, which is being referred to as “Liberation Day.” The administration’s position is that revenue from tariffs will pay for tax cuts elsewhere.
Meanwhile, inflation is starting to creep up. A key price gauge, the U.S. Personal Consumption Expenditures Index (excluding volatile items such as food and energy) rose 2.8% in February, compared with a year ago, following an increase of 2.7% in January. The data is closely watched by the Federal Reserve.
