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Thus far in 2025, the prevailing and overriding topic of conversation amongst economists and market participants has been tariffs and what they might mean for the global macro outlook. Not surprisingly, as we wrap up first quarter earnings season, tariffs have also emerged as the primary focus of CEOs and management teams of US corporates at the micro level.

With all eyes on November 3 and the Fed’s next move, Paul Kim looks at supply chain disruption in the US and how its cost pressures have shifted the narrative on ‘transitory’ inflation.