TOKEN TARIFFS

Import prices are where at least some tariff impacts would manifest themselves. Yet M-o-M September import inflation was 0.0%, August was a miniscule 0.1%, and July was 0.3%, it appears to be declining. Additionally, Y-o-Y import inflation is a benign 0.3%. Strip out oil, and M-o-M import inflation in both August and September was 0.2%, and Y-o-Y it’s been flat as a hockey rink at 0.8% since 6/1/25. Cut rates.