Business man being chased by a bear cub

Notes on the Economy – Q3 2025 Summary

Tariff front-running is ending and the tariff bear does not appear as scary as a few months ago; still lingering effects of front-running dominate data headlines, and tariffs remain a danger to the economy.

Photo of a business man running from a bear

Notes on the Economy – Q2 2025 Summary

Households and businesses stepped up purchases of foreign goods in Q1, buying
in advance of need in order to front-run the imposition of very scary tariff increases.