In this episode, economist John Silvia explores the ripple effects of the latest tariff measures on U.S. credit markets, inflation expectations, and central bank policy. As firms navigate rising import costs and margin pressure, questions arise about the Fed’s response amid persistent inflation and political uncertainty.

John examines how small businesses, lenders, and banks may need to adjust credit frameworks and risk exposure. He also offers insights on real interest rate trends, the dollar’s vulnerability, and why a broad reshoring of manufacturing remains unlikely under a 10% tariff baseline.

Key topics include:

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