Liberal Forum

With major indicators from April — the month of peak tariff uncertainty — now in, none show the kinds of recessionary or inflationary conditions implied by business and consumer surveys. 

 Why it matters: Warnings and anecdotes are taking on greater importance as signs of how tariffs are working their way through the economy. 

 The big picture: New data out Thursday showed steady retail sales and a surprising drop in wholesale prices in April. So far, so good. 
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The bottom line: "There is little evidence, so far, that tariffs are inflationary and instead profit margins are being squeezed. But as Walmart suggested Thursday morning, that is a situation that may not last long," ING chief international economist James Knightley wrote in a note.