The world is in the midst of a global trade war. This commenced with the Trump Administration implementing across-the-board 10% tariffs on 185 nations. President Trump also announced a series of reciprocal tariffs against those nations with the biggest trade advantages over the U.S., generally assumed to mean large surpluses. The implementation of the reciprocal levies—with the one exception being China—was sub- sequently delayed for 90 days, as the parties attempt to renegotiate trade deals...

A global trade war commenced in early April. The first salvo was sent by the Trump Administration when it implemented a universal tariff rate of 10% on goods coming from 185 nations. Subsequent to that action, President Trump signed another executive order that said those nations with the biggest trade advantages over the U.S., generally assumed to mean large surpluses, will see much higher rates. The trade news brought a quick and harsh response from...

Inflation remains sticky. This was evident in the February personal income and spending report from the Labor Department. The Personal Consumption Expenditures (PCE) Price Index, the gauge of inflation most closely tracked by the Federal Reserve, came in stronger than expected. Specifically, the PCE and the core PCE, which excludes the more-volatile food and energy components, increased 0.3% and 0.4%, respectively, on a month-to-month basis. From a one-year perspective, the PCE and core PCE rose...