Daily Rundown

July 8, 2025

Chart of the Day

Number of the Day

25.0 - The new tariff rate on imports from Japan and South Korea, effective August 1

Quote of the Day

"Interest rates should be lower. The balance sheet should be smaller." - Former Federal Reserve Governor Kevin Warsh

Monday's Highlights

The White House announced new tariff rates of 25.0-40.0 on more than a dozen countries and delayed implementation of reciprocal duties until August 1.

The New York Fed's global supply chain pressure index (June) fell to 0.0 from a prior 0.3.

Quick Commentary

While the market is taking the latest tariff announcements in relative stride, the continued delays and ongoing negotiations likely mean elevated uncertainty -and, in turn, further risks to hiring, spending, and investment- for some time to come. Shifting trade policies have at least not done much to affect supply chain pressures, however, which are still little changed since the outset of the year.

Today's Highlights

Small business optimism

Household inflation expectations

Consumer credit

Daily Trivia

Despite a more than 600.0 percent increase over the last 16 years, what is the only stock in the S&P 500 that is down by more than 90.0 percent since the end of the 1990s?

(Monday's Question: What economist's 2013 Nobel Prize lecture, entitled Speculative Asset Prices, directly criticized the work of his co-honoree that year, Eugene Fama? Answer: Robert Shiller)