Julia Coronado

The yen has been under a lot of pressure on fiscal expansion plans, and pretty alarmingly so.

And the reason we care about this is because Japanese investors buy a lot of treasuries.

So there is some notion that the U.S.

and Japan might be coordinating to stabilize the yen because that would help prevent upward pressure on U.S.

interest rates.

That we're issuing more, that's exactly right.

And of course, the administration's been very frustrated that long-term interest rates haven't come down, and this would only go in the wrong direction.

So there's a lot of movement.

There was a lot of movement at the end of the week, and markets are opening up again with a lot of response to these rumors of intervention.

So the yen is strengthening, the dollar is weakening.

We'll see how this goes.

So we got some tariff boost to consumer inflation, but we also saw it take a bite out of the labor market.

So how did companies react faced with the turbulence and the pressure on costs?

They got really cautious about hiring.

So we did see the imprint on the economy a little bit differently than we had expected.

Well, of course, they raise prices on anything we buy from Europe, and that just adds to the pressures companies are feeling on costs.

Probably the bigger impact is they just, it's not just the tariffs, it's the global conflict, the geopolitical conflict, and the

uncertainty that comes with that that could, you know, make it harder for companies to make decisions about investing and hiring people.