If Tariffs Don't Stick, Try Taxes

2025-05-31 00:50:00 ET

Summary

• Despite Friday’s fade, May ended on a high note. The S&P and Nasdaq logged their best month since November 2023 — up 6.2% and 9.6%, respectively.
• Trade once again hogged the spotlight, with President Trump jumping on Truth Social to accuse China of dragging its feet on tariff rollbacks.
• April’s core PCE rose just 0.1% month-over-month, pushing the year-over-year rate to a post-2021 low of 2.5%.
• As Deutsche Bank warned, “weaponization of US capital markets into law” may sound patriotic, but does risk spooking the very investors we count on to fund the deficit.

Wall Street limped into the weekend like a diplomat on day five of a failed summit. Sure, inflation is inching toward 2% like the Holy Grail wrapped in red tape, but there’s a strong sense that someone, somewhere, will soon impose a tax....

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