Shumita Basu

And for smaller businesses, the effects of the tariffs will be harder to mitigate. CNN spoke to Stephen Borelli, the CEO of a California-based clothing store, Cuts, about his concerns.

And for smaller businesses, the effects of the tariffs will be harder to mitigate. CNN spoke to Stephen Borelli, the CEO of a California-based clothing store, Cuts, about his concerns.

Meanwhile, if you zoom out and look at the larger economic picture, many of the key economic markers have largely remained steady. Yesterday, Fed Chair Jerome Powell kept interest rates unchanged, but said the path ahead was not clear.

Meanwhile, if you zoom out and look at the larger economic picture, many of the key economic markers have largely remained steady. Yesterday, Fed Chair Jerome Powell kept interest rates unchanged, but said the path ahead was not clear.

Meanwhile, if you zoom out and look at the larger economic picture, many of the key economic markers have largely remained steady. Yesterday, Fed Chair Jerome Powell kept interest rates unchanged, but said the path ahead was not clear.

In other words, what he's saying is there's uncertainty, sure, but those recession indicators are not jumping out to him right now. Overall, consumer spending hasn't fallen yet. The labor market has remained strong. But some economists believe it will only be a matter of time before the tariff policy back and forth does, in fact, start to show up in data.

In other words, what he's saying is there's uncertainty, sure, but those recession indicators are not jumping out to him right now. Overall, consumer spending hasn't fallen yet. The labor market has remained strong. But some economists believe it will only be a matter of time before the tariff policy back and forth does, in fact, start to show up in data.

In other words, what he's saying is there's uncertainty, sure, but those recession indicators are not jumping out to him right now. Overall, consumer spending hasn't fallen yet. The labor market has remained strong. But some economists believe it will only be a matter of time before the tariff policy back and forth does, in fact, start to show up in data.

The New York Times reports that for some economists, the uncertainty feels a bit like hunting for clues during the pandemic. Back then, things like a drop in restaurant reservations and screenings at TSA checkpoints were signals of potential economic damage to come.

The New York Times reports that for some economists, the uncertainty feels a bit like hunting for clues during the pandemic. Back then, things like a drop in restaurant reservations and screenings at TSA checkpoints were signals of potential economic damage to come.

The New York Times reports that for some economists, the uncertainty feels a bit like hunting for clues during the pandemic. Back then, things like a drop in restaurant reservations and screenings at TSA checkpoints were signals of potential economic damage to come.

But one challenge the Fed now faces, as Powell said, is trying to decide whether to focus more on the risk of rising unemployment or inflation going up. If consumer confidence is low, then demand may fall. Just ask the McGriddle. And it is still possible that the current tariff outlook could change.

But one challenge the Fed now faces, as Powell said, is trying to decide whether to focus more on the risk of rising unemployment or inflation going up. If consumer confidence is low, then demand may fall. Just ask the McGriddle. And it is still possible that the current tariff outlook could change.

But one challenge the Fed now faces, as Powell said, is trying to decide whether to focus more on the risk of rising unemployment or inflation going up. If consumer confidence is low, then demand may fall. Just ask the McGriddle. And it is still possible that the current tariff outlook could change.

In fact, this weekend, Treasury Secretary Scott Besant is scheduled to meet with Chinese officials to discuss trade. Though Trump said yesterday he does not plan to change the tariffs in advance of the meeting to secure a deal. Let's turn now to a huge problem the new pope will inherit, the Vatican's extremely messy finances.

In fact, this weekend, Treasury Secretary Scott Besant is scheduled to meet with Chinese officials to discuss trade. Though Trump said yesterday he does not plan to change the tariffs in advance of the meeting to secure a deal. Let's turn now to a huge problem the new pope will inherit, the Vatican's extremely messy finances.

In fact, this weekend, Treasury Secretary Scott Besant is scheduled to meet with Chinese officials to discuss trade. Though Trump said yesterday he does not plan to change the tariffs in advance of the meeting to secure a deal. Let's turn now to a huge problem the new pope will inherit, the Vatican's extremely messy finances.

The combination of deficit spending and financial mismanagement has driven the Vatican into unsustainable debt. When Pope Francis was elected in 2013, he was given a mandate to fix this problem, but it only got worse. The Vatican's deficit tripled during his tenure, though to be clear, he did try to push for reforms.

The combination of deficit spending and financial mismanagement has driven the Vatican into unsustainable debt. When Pope Francis was elected in 2013, he was given a mandate to fix this problem, but it only got worse. The Vatican's deficit tripled during his tenure, though to be clear, he did try to push for reforms.

The combination of deficit spending and financial mismanagement has driven the Vatican into unsustainable debt. When Pope Francis was elected in 2013, he was given a mandate to fix this problem, but it only got worse. The Vatican's deficit tripled during his tenure, though to be clear, he did try to push for reforms.