Tariff Refunds Soften The Fed’s Passthrough Warning
According to an article published Wednesday in The Wall Street Journal, more than 40 S&P 500 companies have reported roughly $9.6 billion in tariff refunds. Apple leads at nearly $2.2 billion. Nike follows at $986 million, FedEx at about $800 million, Amazon at $640 million, and GM at $500 million. The timing is awkward. In July, the New York Fed published More Tariff Pass-Through Is in the Pipeline. Its May survey of firms that paid tariffs found that 47% of service firms and 44% of manufacturers still plan to raise prices further. About a third of those service firms and closer to 40%…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.