Morning Market Tidbits: Tariff Refund Tap Starts To Flow

Tariff refunds to importers are flowing faster than expected, totaling $13bn so far, which may act as a modest disinflationary force. Meanwhile, US 2Q GDP tracking remains steady at 2.6% q/q saar.

Key Takeaways

• 1.Tariff refunds are being issued faster than anticipated, creating upside risks to the near-term US deficit.
• 2.These refunds may act as a disinflationary force by helping importers offset high energy and shipping costs.
• 3.The market focus for the day is on the FOMC minutes, which are expected to maintain a hawkish stance.

Table of Contents

• Key takeaways
• What Matters Today: Tariff refunds have started to flow back to importers
• Refunds are flowing out fast
• And will provide another buffer to gas prices
• US GDP tracking
• Today's economic calendar
• Important Disclosures
• Other Important Disclosures
• General Investment Related Disclosures
• Copyright and General Information
• Research Analysts

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial