Another in a long list of “interesting” days. PPI came in hot, but the numbers that feed into PCE (which the Fed pays the most attention to) were soft. The big news is the reciprocal tariffs, or lack thereof. Normally you would want to parse through every word uttered by the president to divine what is coming. You could do that, but I’m not sure it would prepare you for what is or isn’t coming. As I read this, I see a laundry list, a huge laundry list, of things that we could potentially do. The first wave on Canada, ... Reciprocal Tariffs? G-8 Again?