IMPLIED CONSUMER PASSTHROUGH. In June alone, we estimate 61-80% of the new 2025 tariffs were passed through to consumer core goods/durables prices, roughly in the middle of prior studies. This suggests US consumers were paying the majority of tariffs by June.
6/13

GOODS PRICES. Goods prices are higher than they would be absent tariffs. Durable goods prices (furniture, appliances, electronics, etc.) & all core goods prices (durables plus apparel & other nondurable goods) were 2.3% & 1.9% above their pre-2025 price levels in Jun & Jul.
3/13

Are America’s centers of gravity in 2028 large liberal cities in blue states, or sprawling republican ruled suburbs? Build or die.

He doesn’t act like he’s going to have to survive through a democratic administration at all, and we should take that seriously.

thanks to the New Yorker