Season 9 · Episode 6
The Fog of Tariffs
RBC's Markets in Motion · RBC Capital Markets
April 22, 20256m 56s
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Show Notes
The big things you need to know:
- First, earnings sentiment is at an important crossroads, with the rate of upward EPS estimate revisions having fallen to 30%.
- Second, what we read in S&P 500 earnings call transcripts last week keeps us in the camp that recession is not a foregone conclusion, makes us concerned that any adverse impacts from tariffs may be felt a little later in the year or even next year, and pushes us toward the idea that the consumer is holding up but still hasn’t been unscathed.
- Third, the idea that investors are rotating out of the US assets into other geographies is supported by recent funds flows data.