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Below is our "Chart of the Day" and a brief excerpt from today's Early Look written by our Risk-Manager-In-Chief Keith McCullough.

If you’d like to see our longer-term Independent Research on who we called “TariffMan 1.0”, it was in our most recent Mid-Quarter Macro Themes Update deck. If you go to slide 71 (today’s Chart of The Day), you’ll see what we called “2018 Trade War Empirics.”

Mathematically speaking, if FX (Foreign Currency) adjusts to offset the tariff increase, then there are no meaningful inflationary consequences at the macro level… and no meaningful change in inflation means no meaningful rate or policy implications.

CHART OF THE DAY: TariffMan 1.0 → 2018 Trade War Empirics - COD qq