The Real Test is Coming Up

The big thing you need to know:

Our overall impression from 2Q25 reporting season is that companies are managing through tariffs fairly well so far, but it’s still too early to assume tariffs won’t generate inflation pressures. We run through four takeaways on what we learned in 2Q25 reporting season last week regarding the overall tone, the state of demand, the consumer, and the timing of tariff impacts.