Ed Ludlow

It doesn't change much of the Fed's thinking because the Fed is trying to look through the tariffs.

It'll be a one-time shot to inflation, but now it means it'll happen later than perhaps they thought.

So they just have to wait for it, and everybody's got to wait and see when the president puts these tariffs on to decide what the impact is going to be.

Uncertainty abound, whether it's AI or whether it's trade.

Mike McKee on the ground in Washington.

Thank you very much indeed.

Let's get more on the trade impact investors are watching, on the broader earnings, on the AI picture with Jed Ellibrook of Argent Capital Management.

So let's start with tariffs because that's the key headline everyone faces today.

How do you think companies navigate this?

Does it change your investment thesis at all?

Yeah, I think you guys covered it well.

Overall slight reduction in the effective tariff rate over the next five months as that 130 or 122 investigation period goes for the next five months.

But after that significant uncertainty, the midterm elections will have an impact.

And yeah, will it delay investment decisions?

I think it'll make people think twice.

I think it'll probably make decision processes slow down a little bit.

And then on the other hand, business leaders, investors have been getting used to President Trump and his tactics and preferences and negotiating style over the last, you know, geez, more than 12 months now here in his second term.

And so I think perhaps a bit of normalcy set in.

I guess I'm not giving you a very good answer, but I think that there are kind of push and pull in both directions.

So they are confronted by ongoing uncertainty in a geopolitical environment.