Aidan Donnelly

But ultimately, they're also putting through price increases and in some cases, fairly substantial price increases.

And I don't think that's necessarily finished yet.

Most of the companies would tell you that on a daily basis.

price-neutral basis, they're probably there right now, but on a price-cost neutral basis, they may well be into the first quarter of next year.

I was talking to one company the other week, and it was the first time I'd heard anybody doing it, but they had put through a price increase just after Liberation Day, but it wasn't enough, and they didn't want to put another price increase through so soon after it in kind of the middle, late summer.

So they introduced what they call the tariff surcharge, and they just put it on that, which is just a price increase of another variant.

But what's interesting about that is when you talk to them and say, well, how long will it stay?

And they say, well, come January, we'll just convert it into a price increase because it's been enough of a time between the two price increases for our customers.

I think, you know, if you look at the experience of shutdowns in the past, it takes a little while for it to filter through.

But ultimately, all the workers get back to work.

All the federal workers get back to work.

They get their back pay.

And ultimately, like, you know, things kind of return to normal.

I do think the big question, I think, from a consumer sentiment perspective is,

given how long the shutdown was, does this have a kind of a longer lingering effect on consumer sentiment?

Particularly as we come into, you know, the holiday season, people go, you know, we haven't pushed this completely out of the way.

You know, the bill only extends out into early January or late January.

We could well be facing something similar again.

And it just, it'll be interesting to see if consumer sentiment is just a little bit more cagey as a result of this.

Look, I think when you look at these drugs, there's obviously been a bit of hype about them.