“Home prices rose to a new high in June while the crucial spring sales season fizzled, signs that a housing-market recovery is unlikely in 2025,” the Wall Street Journal reports.

“The U.S. economy is headed into a period of noticeably slower growth thanks to the tariff impact on inflation and, by consequence, consumer spending, according to Goldman Sachs,” CNBC reports.

“Economists at the Wall Street firm expect gross domestic product to rise at just a 1.1% annual pace through 2025 ‘as the growing real income drag from tariff-related price increases offsets the boost from easier financial conditions.’”

“General Motors managed to beat analyst expectations Tuesday when it reported second-quarter results, but new tariffs on imported cars and auto parts took a $1.1 billion bite out of its bottom line,” the Wall Street Journal reports.

“The U.S. economy is set to slow, leading economic indicators say, with the impact of tariffs becoming more pronounced in the second half of the year through higher prices,” the Wall Street Journal reports.

Beef prices have risen almost 9% since January, and could be even more stubborn than high egg prices, CNN reports.

“The global economy is sailing through this year’s historic increase in tariffs, displaying an unexpected trait: resilience,” the Wall Street Journal reports.

“Faced with extreme uncertainty, businesses and households have surprised economists with their ability to hedge, finding a short-term path through as they await clarity on where tariffs will end up.”

“When President Trump slapped tariffs on nations across the globe this spring, many economists feared higher prices and spending cuts would flatten the economy,” the Wall Street Journal reports.

“Consumer sentiment collapsed. The S&P 500 stock index fell by 19% between February and April. The world held its breath and waited for the bottom to drop out.”

“But that didn’t happen. Now businesses and consumers are regaining their swagger, and evidence is mounting that those who held back are starting to splurge again.”

Axios: Wall Street likes the economy more than voters.

A new poll from CBS News/YouGov finds 42 percent of Americans approve of Trump’s job performance, while 58 percent disapprove.

Playbook: “One big number to watch: 64 percent disapprove of his handling of inflation — up 10 points from March — and with more tariffs due to kick in a few weeks from now, that number may well rise as prices go up.”

The Economist: “In the face of chaos, the global economy powers on. Since 2011 growth has continued at around 3% a year. During the worst of the euro crisis in 2012? Around 3%. What about 2016, the year Britain voted for Brexit and America for Donald Trump, or 2022, when Russia invaded Ukraine? Also 3%.”

“The exception was in 2020-21, during the pandemic. When governments introduced lockdowns, many feared a slump to rival the Depression. In fact, over the following two years the world economy ground out annual GDP growth of 2%; one year of contraction, followed by a storming recovery.”

Paul Krugman: “Yesterday’s CPI report looked fairly tame on the surface, but if you look at the details it showed clear signs that Trump’s tariffs are starting to drive up prices.”

“And private surveys suggest that there’s a lot more inflation in the pipeline. For example, look at S&P Global’s Purchasing Managers’ Index for manufacturing, which shows the percentage of firms reporting higher prices. A higher number almost always points to higher official inflation ahead, and right now it’s definitely telling us that tariffs are about to hit hard.”

“A chaotic rollout of tariffs is starting to filter through to price tags on store shelves. An immigration crackdown is beginning to weigh on jobs growth, measured by federal surveys. Taken together, the impact of President Trump’s whirlwind six months back in office is showing up in the economy,” the Wall Street Journal reports.

“The effect isn’t yet enough to derail the economy, which by many measures has weathered Trump’s trade wars much better than many on Wall Street and in Washington feared. Economists see less risk of a recession now than three months ago, a Wall Street Journal survey found.”

“Yet a long stretch when Trump’s policies left little imprint on the hard data appears to be ending.”

James Fontanella-Khan: “A year ago when the presidential race between Donald Trump and Kamala Harris was heating up, a veteran mergers and acquisitions adviser told me that if the Republican candidate won, many on Wall Street would eventually long ‘for the return of Lina Khan.'”

“The top rainmaker was flagging his concerns that Trump’s antitrust policies would make it even harder to get deals approved than under Joe Biden’s progressive head of the Federal Trade Commission, the U.S. competition watchdog.”

“Twelve months on, many mergers and acquisitions bankers argue that this has turned out to be the case. They say deal approvals have become more politically charged than under Khan, who was accused by bankers and lawyers in her time in office of using M&A approval procedures to influence public policy on matters beyond preserving competition.”

“Inflation accelerated in June as President Trump’s tariffs started to leave a bigger imprint on the economy, keeping the Federal Reserve on track to hold interest rates steady when policymakers next meet this month,” the New York Times reports.

“The Consumer Price Index rose 2.7 percent from a year ago, the swiftest pace since February… That is slightly higher than expected and is up from an annual pace of 2.4 percent in May.”

Wall Street Journal: “Many companies rushed to fill up their inventories by buying goods before tariffs took effect, making it easier for them to hold off on price increases in the spring.”

“President Trump seems to think financial markets are perfectly happy with his tariffs and open to his more aggressive approach, because stocks keep hitting all-time highs,” Axios reports.

“Meanwhile, financial markets think there’s absolutely no chance Trump will go ahead with the tariffs he’s threatened, and therefore… keep bidding assets up to all-time highs.”

“The two beliefs can’t co-exist for much longer, and the disconnect can’t end well, either.”

Wall Street Journal: Trump bets constantly shifting tariff strategy can remake global trade.

CNBC: Inflation report Tuesday should provide clues on the impact tariffs are having on prices.

“President Trump has had little reason to scale back his global trade war ambitions with inflation subdued, unemployment stable and U.S. stock markets back to record highs,” the New York Times reports.

“But the latest escalation, including 30 percent levies on the European Union, could deliver a much more painful blow to the United States. If the tariffs go into effect on Aug. 1, it could unleash the sort of devastation to consumers and businesses that economists have long worried about and Mr. Trump has mostly avoided. Their fear stems from the specter of a stagflationary shock, in which inflation intensifies as growth stalls.”

White House economic advisor Kevin Hassett speculated Monday that new tariff policies are not yet sparking widespread price inflation because President Trump has convinced more people to buy American, CNBC reports.

Said Hassett: “There’s, I think, a lot of patriotism in the data.”