We are in the Twilight Zone for economic data. It’s not that economic data for March and April will be ignored because it won’t be. But every data point will be come with an asterisk *, with the asterisk meaning before the Tariff War. The Personal Consumption Expenditures Index (PCE) for March will be released on Wednesday and likely show that Headline inflation held steady at 2.5%, while the Core PCE dipped from 2.8% in February. In a non-tariff world this would be greeted positively, but inflation will be increasing in coming months as higher prices from tariffs work their way through...
