Tariff turbulence and whipsawed markets

Cole Perry and Omar Eltorai unwrap the latest parcel of US economic data, from shifting labor and employment trends to insights from the NFIB Small Business Optimism Index. They explore what these signals suggest for small business growth and economic momentum. The conversation sharpens around market reactions to proposed tariffs, the ripple effects on monetary policy decisions, and the potential implications for commercial real estate investors navigating an unpredictable landscape.

Key Moments:

01:21 NFIB Small Business Optimism Index

08:00 Labor market data analysis

13:19 Market reactions to tariff policies

15:18 Impact of tariffs on real estate

29:30 President Trump's address to congress

32:51 Upcoming data releases and announcements

Resources Mentioned:

NFIB Small Business Optimism Index - https://www.nfib.com/wp-content/uploads/2025/03/NFIB-SBET-Report-Feb.-2025.pdf

ADP National Employment Report - https://mediacenter.adp.com/2025-03-05-ADP-National-Employment-Report-Private-Sector-Employment-Increased-by-77,000-Jobs-in-February-Annual-Pay-was-Up-4-7

The Challenger Report - https://www.challengergray.com/blog/job-cuts-surge-on-doge-actions-retail-woes-highest-monthly-total-since-july-2020/

BLS Employment Situation - https://www.bls.gov/news.release/empsit.toc.htm

BLS JOLTS - https://www.bls.gov/jlt/

Balancing returns and responsibility - Strategic innovation in impact investing - https://www.altusgroup.com/insights/strategic-innovation-in-impact-investing/

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