Fed Keeps Unchanged: Are 3 Rate Cut Estimates Too Optimistic?
After a two-day policy meeting, the Federal Reserve announced on Wednesday that it would keep the benchmark federal funds rate unchanged in the range of 4.25% to 4.5%.
Is the market being too optimistic?
As the broader market begins to pull back, what impact will this week’s FOMC meeting have?
Fed Keeps Unchanged: Are 3 Rate Cut Estimates Too Optimistic?
Following its two-day policy meeting, the Federal Reserve announced on Wednesday that it would keep the benchmark federal funds rate unchanged, maintaining the target range at 4.25% to 4.5%. This move was widely expected, but it brings into question whether current market expectations—particularly the widely discussed three rate cuts this year—are too optimistic. From my personal standpoint, I’m neither overly optimistic nor particularly pessimistic about where rates are headed. Macro forecasting is notoriously difficult, and even central banks adjust their projections frequently in response to changing data. One concern I have is the potential inflationary pressure that could stem from tariffs under the Trump administration. Higher tariffs could push up import prices, add to cost-push inf
US-China Talks Set to Happen This Week; China Finance Minister Stated China Will Adopt More Proactive Macro Policies [CSOP APAC Midweek Glance]
East Asia $CSOP LOW CARBON US$(LCU.SI)$ WTD return: +0.97% LCU gained WTD in USD and gains were led by consumer discretionary, communication services and industrials by sectors and $TENCENT(00700)$ , $MEITUAN(MPNGF)$ and $BABA-W(09988)$ by individual firms. According to Bloomberg data, Tencent led Hong Kong’s share buybacks in April. Meanwhile, Meituan rose due to robust hotel bookings and travel-related orders during China’s labor day holiday. $CSOP SEA TECH ETF US$(SQU.SI)$ WTD return: +0.87% SQU rose WTD in USD and gains were primarily attributable to MD Entert
My Reaction to the FOMC's Latest Decision I wasn't surprised to hear that the FOMC decided to keep the federal funds rate steady at 4.25%–4.50%, marking their third consecutive meeting with no change. The unanimous decision, coupled with last Friday's strong April nonfarm payroll data, suggests to me that the Fed feels more comfortable holding off on rate adjustments. I think this move aligns with their cautious approach to the current economic climate. I'm also noting the Fed's acknowledgment of rising risks to both inflation and unemployment, which makes me question how long this stability can last. FOMC My Take on Jerome Powell's Comments I found Fed Chair Jerome Powell's remarks during the press conference quite telling—he emphasized a “wait and see” approach, stating there's no rush t
FOMC Keeps Fed Funds Rate Steady, Citing Rising Risks of Unemployment, Inflation The Federal Open Market Committee kept the target fed funds rate steady at its current level of at of 4.25% to 4.5%, citing rising risks of unemployment and accelerating inflation. "Uncertainty about the economic outlook has increased further," policymakers said in a statement released at the end of its two-day meeting Wednesday afternoon. "The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen." Fed Chairman Jerome Powell declined to say when policymakers can resume cutting interest rates again, noting that they will need to see evidence of what the impact from President Donald Trump's tariffs on employme
🌟🌟🌟The latest FOMC meeting concluded with a decision to keep the benchmark interest rate unchanged at 4.25% to 4.50%. This has reinforced the Feds wait and see approach amid ongoing uncertainties such as the impact of tariffs, mixed inflation data and muted labour market changes. With interest rates holding steady, I expect short term volatility. However the strong earnings and resilient corporate performance have already fueled an impressive rebound. @Tiger_comments @Tiger_SG @TigerStars @CaptainTiger
FOMC Preview: Rate Cut Hopes Face a Market Test As May 2025 unfolds, all eyes are on this week’s FOMC meeting, where the big question is whether the Federal Reserve will deliver three 25-basis-point rate cuts this year. Markets currently expect the federal funds rate to hold steady at 4.25%-4.50% during this policy session, a stance bolstered by last Friday’s robust April nonfarm payroll report. The data revealed stronger-than-anticipated job growth and a stable unemployment rate, signaling economic resilience. This gives the Fed room to pause rather than rush into rate cuts. Yet, markets are still betting on 75 basis points of easing—equivalent to three cuts. Is this optimism justified, or are we in for a reality check? First, the Fed’s decision-making hinges on a delicate balance. Since
Options Plays Ahead of FOMC Rate Decision Today, attention is on the FOMC policy decision . The CME FedWatch Tool shows a 99% chance the Fed will keep rates at 4.25%-4.5%, following stronger-than-expected April jobs data. While no rate change is expected, markets will react to Powell’s comments on two key issues: managing inflation risks from tariffs and signs of economic slowing. Powell faces a tough choice. If he sounds too dovish (leaning toward rate cuts), it might fail to control inflation from new tariffs. If too hawkish (keeping rates high), it could hurt economic growth. Nick Timiraos, a well-known Fed reporter, notes the central bank risks causing either a recession or stubborn inflation no matter what it does. Bloomberg analysts expect Powell to focus on fighting inflation, while
$Unity Software Inc.(U)$ reports Q1 Earnings Before Market Open on May 7.The overall Q1 performance slightly exceeded expectations, particularly in terms of profit improvement, demonstrating management’s efforts during the transition period. However, the Q2 guidance was less optimistic than market expectations, and the shutdown of services in China also created headwinds for Grow Solutions revenue. Investor sentiment remains divided.Performance and Market ReactionQ1 core performance beat expectations, though ongoing adjustments to the product portfolio indicate the company is still in transition.Revenue: $435M (-5.5% YoY), primarily due to product line adjustments (portfolio reset), leading to declines in Create/Grow Solutions revenue.Impr
Stansberry Research:Why The US Dollar Will Fail in the Next 10 Years?
Source from YOUTUBESource from YOUTUBEBased on the discussion in the Stansberry Investor Hour, here are some key points explaining why the $USD Index(USDindex.FOREX)$ might fall in the next 10 years:USD index Monthly chart, by May 6th 2026Monetary Policy and InflationMoney Printing and Inflation: Larry Leard argues that the current monetary system is under stress and is essentially broken. The government has been engaging in significant money printing to cover large and growing deficits. This money printing is almost a mathematical certainty given the current economic situation. As a result, inflation is likely to become a persistent problem. When inflation rises, the value of the dollar typically falls because it erodes the purchasing p
Fed at a Crossroads: Why Three Rate Cuts Could Still Fuel the 2024 Market Rally
The financial world held its breath as Jerome Powell stepped to the podium last Wednesday. With inflation still hovering above target and economic growth showing signs of cooling, the big question remains: Will the Fed really deliver three rate cuts this year? Despite the market's recent jitters, there's a compelling case that not only are three cuts still in play—they could be the rocket fuel that launches stocks to new all-time highs. Reading Between the Fed's Lines The latest FOMC statement was a masterclass in central bank ambiguity, but the clues are there for those who know where to look: The Dovish Undertones: Removal of "additional policy firming" language. Acknowledgment that job gains remain "strong" but are "moderating" Powell's admission that inflation doesn't need to hit 2% b
Layoffs, US GDP & Tariffs - My investing muse (05May25)
My Investing Muse (05May25) Layoffs, Delinquency & Closure news UPS has revealed plans to cut 20,000 jobs across its U.S. network, while Penske Logistics will eliminate over 300 positions in Missouri. US Xpress in Chattanooga, Tennessee, has also announced 56 job cuts. - FreightWaves Forever 21 is shuttering all 354 of its leased U.S. stores on May 1, 2025. It has been in the midst of massive liquidation sales across the country; sales of up to 60% off were seen throughout April. Mazda will shut down assembly lines for some of its CX-50 production in Canada at its Huntsville, Alabama plant, the first major automaker to halt U.S. production because of the tariffs. - Pedirayudas Layoffs and bankruptcies hit multiple sectors of the supply chain throughout April, as new or soon-to-be-impos
$S&P 500(.SPX)$ The next FOMC meeting is just over five days away, and according to CME Group data, there’s a 95% probability that rates will remain unchanged. The key question now is: will Trump’s pressure or Powell’s caution ultimately shape the Fed's course? If there’s no cut this time, the next opportunity won’t come until June 18—unless deteriorating conditions force an emergency move. Despite eight consecutive days of gains in the market, the rally feels increasingly disconnected from fundamentals. I can’t quite explain the optimism, especially with more negative headlines likely in the coming month than positive ones. Most of the good news already seems priced in, leaving limited upside unless something u
yes but rewarding a company that missed estimates for Q1 -already its shares are by over 100x valuation -seems too eager to see results coming from him who was already seeing the decline while managing TSLA even before joining DOGE; wishful thinking and unrealistic amid economic conditions that are by far getting worse: GDP negative (exports not matched by extraordinary imports due to fear of tariffs), jobless claims high, consumer confidence at thr lowest, ISM drops unexpectedly.. all these spell troubles ahead!
Half An Elon Musk Is Still Better Than None
The board of Tesla is not looking to replace Elon Musk as chief executive. It said so on Thursday, in response to a Wall Street Journal article that had stated otherwise. The point is moot, though, be
GDP Shrinks: Market Storm Ahead or Just a False Alarm?
The US economy just flashed a warning sign - GDP contracted 0.3% last quarter. For investors, this raises the billion-dollar question: Is this the start of something ugly, or just a temporary blip in America's economic recovery? Let's cut through the noise and examine what's really happening under the hood. Breaking Down the GDP Drop: Not All Contractions Are Equal At first glance, negative GDP growth sends chills down any investor's spine. But before hitting the panic button, we need to understand what's driving this decline: Trade Imbalance Drag: Net exports subtracted a whopping 3.2% from GDP as imports surged. This reflects strong US consumer demand rather than domestic weakness Inventory Adjustment: Businesses drew down stockpiles after aggressive 2021 restocking. This accounted for
U.S. GDP Shrinks by 0.3%: Is It Just the Beginning of a Market Downturn? The U.S. economy contracted by 0.3% in the latest quarterly report, sparking concerns among investors and economists about whether this signals the onset of a broader market downturn. While a single quarter of negative growth does not technically constitute a recession, it raises red flags—especially amid an environment already fraught with inflationary pressures, high interest rates, and global uncertainty. Understanding the 0.3% Contraction The reported 0.3% decline in Gross Domestic Product (GDP) reflects slowing consumer spending, reduced business investment, and a pullback in exports. The Federal Reserve’s ongoing fight against inflation through aggressive interest rate hikes has begun to cool economic activity—e
Two ‘more’ pertinent economic reports were out yesterday, Tue 29 Apr 2025 : US consumer confidence index by The Conference Board. Jobs opening and labour turnover surveys (JOLTs) by US Bureau of Labor Statistics (BLS). Needless to say, both were disappointing, to put it mildly. Consumer Confidence Index - April 2025. Consumer confidence for April 2025, sank -7.9 points to 86, its lowest level since May 2020. (see above) It’s a larger decline than economists’ projection of 87.7. Another report, US’s Expectations Index, that captures people’s outlook on the economy, plummeted -12.5 points this month to 54.4, also the lowest level since October 2011. It is well below the threshold of 80 that usually signals a recession ahead. (see below) In the release, the Conference Board said consumers exp
If Recession Comes, Where Might the S&P 500 Fall to Next?
(Note: This article mainly examines the situation from the perspectives of corporate earnings expectations, investor sentiment, valuation expectations, technical analysis, and historical data. The data is sourced from publicly available materials. The views are for discussion purposes only and should not be taken as direct investment advice.)Recently, Trump's new tariff policy has disrupted the market and even raised expectations of an economic recession. To determine whether the economy is heading towards a recession, it is necessary to continue monitoring the negative impacts brought about by Trump's trade policies and policy uncertainties:Are the Q2 GDP growth rate, consumer confidence index, manufacturing and services indices, leading economic indicators (LEI), and non-farm employment
💰Major indices opened high and continued to rise, with most tech stocks seeing green.💹 $Astera Labs, Inc.(ALAB)$/$Marvell Technology(MRVL)$/$Broadcom(AVGO)$ : Catch those stalwart performers in the semiconductor sector.📣 Stay tuned and supercharge purchasing power with CashBoost!The market's been soaring, as Trump's words brought some cheer, and the Fed's signals gets clear.| Market recapThe market has seen consecutive gains on Wednesday and Thursday, accumulating over 5% since Tuesday. A more conciliatory stance from Trump, combined with positive signals from the Federal Reserve, has buoyed the market. Stocks that were at recent price lows, particularly large te
$Unity Software Inc.(U)$ reports Q1 Earnings Before Market Open on May 7.The overall Q1 performance slightly exceeded expectations, particularly in terms of profit improvement, demonstrating management’s efforts during the transition period. However, the Q2 guidance was less optimistic than market expectations, and the shutdown of services in China also created headwinds for Grow Solutions revenue. Investor sentiment remains divided.Performance and Market ReactionQ1 core performance beat expectations, though ongoing adjustments to the product portfolio indicate the company is still in transition.Revenue: $435M (-5.5% YoY), primarily due to product line adjustments (portfolio reset), leading to declines in Create/Grow Solutions revenue.Impr
On Mon, 14 Apr 2025, the S&P 500 reached an ominous-sounding milestone even as stocks largely added to their gains from last week’s rebound. When trading ended at 4pm, the large-cap index managed to tally a “death cross” — its first since March 2022, according to Dow Jones Market Data. S&P 500 - 14 Apr 2025 - Death Cross !! What is a “Death Cross” ? A death cross occurs when the 50-day moving average (ma) of a stock or index dips below its 200-day ma. Technical analysts interpret it as a sign that a correction could be metastasizing into a deeper downtrend. Did You Know ? As US stocks continue to struggle of late in 2025, a death cross has already appeared to: The small-cap Russell 2000 index. $Tesla Motors(TSLA)$ , it has flashed this pat
Stansberry Research:Why The US Dollar Will Fail in the Next 10 Years?
Source from YOUTUBESource from YOUTUBEBased on the discussion in the Stansberry Investor Hour, here are some key points explaining why the $USD Index(USDindex.FOREX)$ might fall in the next 10 years:USD index Monthly chart, by May 6th 2026Monetary Policy and InflationMoney Printing and Inflation: Larry Leard argues that the current monetary system is under stress and is essentially broken. The government has been engaging in significant money printing to cover large and growing deficits. This money printing is almost a mathematical certainty given the current economic situation. As a result, inflation is likely to become a persistent problem. When inflation rises, the value of the dollar typically falls because it erodes the purchasing p
$S&P 500(.SPX) Market Analysis: S&P 500's Death Cross, Powell’s Stance, and the Path Ahead The S&P 500’s recent formation of a "death cross" (50-day moving average below 200-day) and subsequent volatility have intensified debates about whether the index will stabilize, form a double bottom, or plunge further. Here’s a synthesized outlook based on technicals, fundamentals, and geopolitical risks: 1. Death Cross Context: Not All Doom and Gloom - *Historical Precedent*: While the death cross is traditionally seen as a bearish signal, historical data shows mixed outcomes. In 54% of cases since 1971, the S&P 500 had already hit its lowest point before the death cross formed, suggesting potential for a rebound . - Example: The March 2020 death cross preceded a 50% rally with
Options Plays Ahead of FOMC Rate Decision Today, attention is on the FOMC policy decision . The CME FedWatch Tool shows a 99% chance the Fed will keep rates at 4.25%-4.5%, following stronger-than-expected April jobs data. While no rate change is expected, markets will react to Powell’s comments on two key issues: managing inflation risks from tariffs and signs of economic slowing. Powell faces a tough choice. If he sounds too dovish (leaning toward rate cuts), it might fail to control inflation from new tariffs. If too hawkish (keeping rates high), it could hurt economic growth. Nick Timiraos, a well-known Fed reporter, notes the central bank risks causing either a recession or stubborn inflation no matter what it does. Bloomberg analysts expect Powell to focus on fighting inflation, while
Layoffs, US GDP & Tariffs - My investing muse (05May25)
My Investing Muse (05May25) Layoffs, Delinquency & Closure news UPS has revealed plans to cut 20,000 jobs across its U.S. network, while Penske Logistics will eliminate over 300 positions in Missouri. US Xpress in Chattanooga, Tennessee, has also announced 56 job cuts. - FreightWaves Forever 21 is shuttering all 354 of its leased U.S. stores on May 1, 2025. It has been in the midst of massive liquidation sales across the country; sales of up to 60% off were seen throughout April. Mazda will shut down assembly lines for some of its CX-50 production in Canada at its Huntsville, Alabama plant, the first major automaker to halt U.S. production because of the tariffs. - Pedirayudas Layoffs and bankruptcies hit multiple sectors of the supply chain throughout April, as new or soon-to-be-impos
My Reaction to the FOMC's Latest Decision I wasn't surprised to hear that the FOMC decided to keep the federal funds rate steady at 4.25%–4.50%, marking their third consecutive meeting with no change. The unanimous decision, coupled with last Friday's strong April nonfarm payroll data, suggests to me that the Fed feels more comfortable holding off on rate adjustments. I think this move aligns with their cautious approach to the current economic climate. I'm also noting the Fed's acknowledgment of rising risks to both inflation and unemployment, which makes me question how long this stability can last. FOMC My Take on Jerome Powell's Comments I found Fed Chair Jerome Powell's remarks during the press conference quite telling—he emphasized a “wait and see” approach, stating there's no rush t
Rate Roulette: Will the Fed’s Next Move Sink or Swim Stocks?
The stock market is a high-stakes casino right now, and the Federal Reserve is spinning the wheel. With inflation stubbornly hovering at 3.1% in March 2025 and the 10-year Treasury yield spiking to 4.62%, investors are sweating bullets. The Nasdaq has shed 5.1% this month, closing at 17,342.19, while the Dow Jones Industrial Average clings to 42,108.63 after a 4.2% drop. Whispers of a rate hike—or a surprise pause—are swirling, and the stakes couldn’t be higher. Will the Fed’s next move tank growth stocks or ignite a relief rally? Let’s break it down with fresh data, market vibes, and trading plays to ride the wave. The Fed’s Tightrope: Inflation vs. Growth Inflation’s refusing to back down, clocking in at 3.1% last month—above the Fed’s 2% target. Meanwhile, jobless claims ticked up to 21
BIG TECH WEEKLY | Google’s Earnings: Too Much Fear, Too Little Reality; A Bounce Amid Rate Cut Drama
Big-Tech’s PerformanceWeekly macro storyline: Powell’s “Rate Cut” Mini-DramaTrump repeatedly pressured Powell with inflammatory comments and even threatened to replace him, triggering a market “panic” at the start of the week. As Treasury Secretary Bessent clarified in his speech on April 23: “America First” doesn’t mean “America Alone.” Trump later softened his tone (backed off?) and stated he had no intent to replace Powell. This easing of tension helped fuel the market’s sharp rebound in subsequent days. The core of Trump’s message was a call for rate cuts, which ironically aligns with current market sentiment.Why does the market also want rate cuts? Because the clear shift in trade policy is expected to impact the real economy in Q2 and beyond. Both corporate profits and consumer confi
USD is in trouble... I have said that 2 years ago (dated April 2023) in a series of articles titled, "US pushes China towards world dominance Series (5 Parts Series)". Not sure if anyone had read that, not to mention remember those... Having said that, when I wrote those, even though I had mentioned Donald Trump as one of the main culprit for the demise of the dollar, the current scenario is not one I had predicted. The rest of those 5 part-series remains intact. I think 🐯 should give those articles another review and share with the readers! @TigerStars I would love to share them here again (but not sure how to link them). Each article is a heavyweight on their own right and worth a read... I will probably repost
US-China Talks Set to Happen This Week; China Finance Minister Stated China Will Adopt More Proactive Macro Policies [CSOP APAC Midweek Glance]
East Asia $CSOP LOW CARBON US$(LCU.SI)$ WTD return: +0.97% LCU gained WTD in USD and gains were led by consumer discretionary, communication services and industrials by sectors and $TENCENT(00700)$ , $MEITUAN(MPNGF)$ and $BABA-W(09988)$ by individual firms. According to Bloomberg data, Tencent led Hong Kong’s share buybacks in April. Meanwhile, Meituan rose due to robust hotel bookings and travel-related orders during China’s labor day holiday. $CSOP SEA TECH ETF US$(SQU.SI)$ WTD return: +0.87% SQU rose WTD in USD and gains were primarily attributable to MD Entert
Can we invest in TSMC - Preview of the week starting 14Apr25
Public Holidays The USA, Hong Kong & Singapore have no public holidays in the coming week. America, Hong Kong and Singapore celebrate Good Friday on 18 Apr 2025. I wish you all a great weekend as Christians celebrate the love, sacrifice, and victory of Jesus. Economic Calendar (14Apr25) Notable Highlights China's GDP (Q1) is expected at 5.2% YoY (vs. 5.4% prior). This can be a good indicator of both Chinese production and global consumption. The Core Retail Sales (Mar) are forecasted at 0.4% MoM (vs. 0.3%), and Retail Sales at 1.4% MoM (vs. 0.2%). The Philadelphia Fed Manufacturing Index (Apr) is forecasted at 3.1 (vs. 12.5). From investing dot com A level above zero on the index indicates improving conditions; below indicates worsening conditions. The data is compiled from a survey of
Maximizing Profit in a Tumultuous Market: Trading Tactics for the Savvy Investor
In today’s volatile market, investors are grappling with a combination of geopolitical risks, economic shifts, and market corrections that are shaping investment strategies. With recent market volatility, changes in trade policies, and significant corporate developments, it's crucial to take a measured approach when deciding whether to "buy the dip" or "sell the rally." In this blog post, we synthesize insights from recent analyses to help you navigate these uncertain times and refine your investment strategy. 1. The Market Pulse: Key Developments Citi’s Downgrade of U.S. Equities: A Shift in Market Sentiment In a notable move, Citigroup downgraded U.S. equities from "Overweight" to "Neutral" in early March 2025. This marked a significant shift, with the bank also upgrading Chinese stocks.
Trump 🤝 Fed: Will You Bet on S&P Big Rebound or EM Markets?
Yesterday, the market was greeted with three pieces of positive news in quick succession.Trump hinted at a major shift in the trade war, saying that tariffs on Chinese goods would be “significantly reduced — though not to zero.”Trump told reporters he never intended to fire Federal Reserve Chair Jerome Powell.US Treasury Secretary Bessent signaled a softer stance on tariffs during a closed-door meeting hosted by JPMorgan in Washington, suggesting that trade tensions may ease.A Big Bounce Coming for US Stocks?According to Emma Wu, a global quantitative and derivatives strategist at JPMorgan, retail investors net bought $2.2 billion worth of stocks as of Monday, well above the one-month average.So, is the market gearing up for a meaningful rally? From both a technical and liquidity perspecti
Trump and Fed: S&P 5500 Rebound or Emerging Markets Bet?
$S&P 500(. $S&P 500(.SPX)$ )$ $Emerging Markets ETF( $iShares MSCI Emerging Markets ETF(EEM)$ )$ $Industrial Select Sector SPDR Fund( $Industrial Select Sector SPDR Fund(XLI)$ )$ $Technology Select Sector SPDR Fund( $Technology Select Sector SPDR Fund(XLK)$ )$ On April 22, 2025, President Trump’s declaration that he has “no intention” of firing Federal Reserve Chairman Jerome Powell triggered a swift market turnaround. U.S. stocks roared back, with the S&P 500 climbing 2.8% to 5,302, the U.S. dollar strengthening, and bonds rallying, while gold retreated from its highs. Investors are now asking: Is this a massiv
Fed at a Crossroads: Why Three Rate Cuts Could Still Fuel the 2024 Market Rally
The financial world held its breath as Jerome Powell stepped to the podium last Wednesday. With inflation still hovering above target and economic growth showing signs of cooling, the big question remains: Will the Fed really deliver three rate cuts this year? Despite the market's recent jitters, there's a compelling case that not only are three cuts still in play—they could be the rocket fuel that launches stocks to new all-time highs. Reading Between the Fed's Lines The latest FOMC statement was a masterclass in central bank ambiguity, but the clues are there for those who know where to look: The Dovish Undertones: Removal of "additional policy firming" language. Acknowledgment that job gains remain "strong" but are "moderating" Powell's admission that inflation doesn't need to hit 2% b
Why Investors Should Be Cautious About Overreacting to Q1 2025 Economic Data
Understanding the Q1 Economic Snapshot Q1 2025 economic data, released on 30 April, 2025, paints a concerning picture: U.S. GDP contracted by -0.3% (against expectations of 0.2% growth), inflation metrics like Core PCE hit 3.50% (above the 3.10% forecast), and ADP employment growth for April was a weak 62K (versus 114K expected). At first glance, this suggests a slowing economy with rising inflation—a stagflationary scenario that might prompt investors to panic. However, a deeper look reveals why overreacting to these numbers could be a mistake. Q1 Was Shaped by Tariff Uncertainty, Not Reality The Q1 data (January-March 2025) reflects a period of significant uncertainty. By 31 March, businesses had no concrete details on tariffs, only speculation based on late 2024 campaign promises of bro