I haven’t looked into it deeply yet, but headline numbers say the tariffs did bad things to inflation. I could be proven wrong, but that’s definitely the first impression from a .3% bump despite steady interest rates and weak consumer spending. Hodge will hang his hat on car prices holding steady, but they’re also slower to pass on costs with CEO’s that are also more likely to try and eat the them for political rather than business reasons. I’d expect tariff hits in the auto sector over the next quarter or two. Meanwhile the price of food is going to keep getting uglier for multiple reasons as well.