News: How Steel Tariffs Create Jobs

Yeah, but most people are comparing things to recent memory. As in how things were in 2022 or 2023 when inflation was high(er). It's not bad now, and these tariffs keep getting pushed off. Plus, what is 10% compared to 145%? Plus, what is the difference between 6.75% interest rate and 7% interest rate on a home loan when you can't afford to buy the home in the first place (and 60% of Americans can't afford to buy a $300,000 home, and median home price is about $460,000).

 

It literally means what it says. 60% of Americans can't afford to buy. Not that only 40% own their homes.

If it does sound strange, then perhaps goolge what was said or what you think it said.

Home ownership is roughly 65%, unchanged in the past 2 years.

 

Liz Ann Sonders is Chief Investment Strategist, Charles Schwab

Liz Ann Sonders
@LizAnnSonders

May
@SPGlobalPMI
U.S. Manufacturing up to 52.3 vs. 49.9 est. & 50.2 prior; Services PMI up to 52.3 vs. 51.0 est. & 50.8 prior; Composite PMI up to 52.1 vs. 50.3 est. & 50.6 prior​

Nice, right?

Don't get your hopes up.

 

Tariffs are back.

50% on EU




25% on iPhones from India

 

I think one of the many reasons Harris lost was that in the minds of many voters, the debate about inflation got (very understandably) conflated with concerns about the cost of living overall. Making the argument that inflation was dropping and that Biden had done a reasonably good job managing it fell on a lot of deaf ears when prices are still high and the cost of, say, housing is ridiculous.

 

Leather or not, that seems like a good price.

 

These prices won’t last!

 

You are not wrong. There is a divergence between soft data and hard data.
https://www.schwab.com/learn/story/no-hard-feelings-soft-vs-hard-divide-persists

And, today, some of both hard and soft data was released.
Soft data: consumer confidence rose in every age and income demographic, and the overall is at 98 v. 85.7 as an estimate.
Hard data: at the same time, the Dallas Fed Manufacturing Index is at -15.3 (granted, up from -35.8 prior month, and beat expectations of -23.1).
Hard data: Spending is outpacing income, which backs up data sometime in the past week or two that CC bills are past due (a new high since the GFC, I think).
Hard data: Core capital goods orders at -1.3 v. estimate of -0.2 and +0.3 prior month
Hard data: Durable good orders at -6.3 v. estimate of -7.8 and +7.6 prior month

I heard a note today, somewhere (Bloomberg?) that the sentiment is likely due to being collected post China tariff pause. Still, the two things don't match. I'd like to see the breakdown by political party, but it seems that, from a quick glance, previously which ever party holds the White House is significantly higher on the consumer confidence index. That tracks with other survey and polling data on the economy and political affiliation.

 

Taking the student loans number out of the equation, this is still not good. I'm guessing, though, that the student loan issue will exacerbate all the other delinquencies.

 

And this one is interesting.

Corporate profits dropped by nearly 3% in Q1. But they have been climbing steeply since 2020. pic.twitter.com/Kh9zgWrs1N

— Kathy Jones (@KathyJones) May 29, 2025

Corporate profits dropped by nearly 3% in Q1. But they have been climbing steeply since 2020.





I mentioned yesterday that it would be interesting to see how Q1 profits fared, and they are down.