Treasury
U.S. March CPI annual increase eases to 2.4%, tariffs may pose upside risk to prices
U.S. inflation data cooled in March, with the CPI annual increase easing to 2.4% and core CPI rising 2.8% year-over-year, a four-year low. However, economists generally expect that tariff impacts will push up prices in the coming months and may pose stagflation risks.
Trump announces 90-day pause on some tariffs for most trading partners, raises tariffs on China to 125%
Trump announced on Wednesday a 90-day pause on some tariffs on goods from most U.S. trading partners and raised tariffs on imports from China to 125%, accusing Beijing of "extortion" against the U.S. More than 75 countries have contacted federal officials seeking negotiations without taking retaliatory measures. This move partially reversed several days of declines in U.S. stocks. However, JPMorgan CEO Dimon predicted tariffs would trigger a recession, and former Treasury Secretary Summers warned of damaged market confidence. The 10-year Treasury yield rose to 4.35%, and The Conference Board projects the U.S. economy will contract by 1.2% if tariffs persist.
Tariff War Shockwaves: CFOs Navigate Uncertainty, Pricing, and Tariff Fatigue
The trade war has persisted for nearly 70 days, with the Trump administration's tariff policies proving erratic. CFOs face pricing pressures, supply chain volatility, and employee attrition risks. Despite some companies preparing in advance, the prevailing sentiment is "tariff fatigue" and a desire for policy clarity. This article interviews financial executives from the CFO Leadership Council, Tredence, Orbia, and Baked by Melissa, revealing their response strategies and challenges.
Strategy discloses $5.91 billion unrealized loss on digital assets
Strategy (formerly MicroStrategy), a software and bitcoin treasury company, reported in its latest securities filing an unrealized loss of $5.91 billion on digital assets for the quarter ended March 31, which is expected to produce a quarterly net loss, but a $1.69 billion income tax benefit can partially offset it. The company has adopted the new accounting standard ASU 2023-08 since January 1, 2025, measuring bitcoin and other crypto assets at fair value, and recognized a cumulative net increase of $12.745 billion in opening retained earnings.
BlackRock CEO Fink: Most CEOs Believe the U.S. Economy Has Entered a Recession
BlackRock CEO Larry Fink said at a New York Economic Club event on Monday that most CEOs he has engaged with believe the U.S. economy may currently be in a recession. Fink also warned that consumption will further freeze amid tariff shocks and stock market corrections. On the same day, several financial leaders, including Pershing Square CEO Bill Ackman and JPMorgan Chase CEO Jamie Dimon, also spoke out on the damaging effects of tariff policies on economic confidence.
Spirit Airlines CEO Ted Christie Departs; CFO, COO and GC to Lead Interim Office of the President
Spirit Airlines announced the departure of CEO Ted Christie, who also stepped down from the board. The company's CFO, COO, and general counsel will lead through an office of the president. Additionally, Chief Commercial Officer Matt Klein is leaving, with Rana Ghosh succeeding him. These changes come weeks after Spirit emerged from Chapter 11 bankruptcy.
Powell: Tariffs to Raise Inflation and Drag on Growth, Fed Holds Steady
Federal Reserve Chair Jerome Powell said on April 4 that the comprehensive tariffs introduced by the Trump administration will raise inflation and slow growth, with economic effects potentially exceeding expectations. He reiterated that the Fed sees no need to act hastily and will wait for policy effects to become clearer before making adjustments. Employment data released the same day showed the labor market remains resilient, but Powell noted the data was collected before the tariff announcement.
Tariff Impact Emerges: US Continuing Jobless Claims Rise to Highest Since 2021
US Labor Department data shows that for the week ending March 22, continuing jobless claims rose to 1.9 million, the highest since November 2021. Economists point out that uncertainty over tariff policy is prompting companies to significantly slow hiring, and warn that the unemployment rate could rise further.
Trump announces 10% baseline tariff and country-specific differential rates
On April 2, U.S. President Trump announced that the United States will impose a 10% baseline tariff on all imported goods starting April 5, and will implement higher rates on trading partners such as China, Japan, and the European Union from April 9. The new tariffs are implemented under a White House executive order, with certain goods and items compliant with the USMCA agreement eligible for exemptions.
Tariffs Raise Costs, U.S. Manufacturing Output and Employment Both Decline in March
The Institute for Supply Management (ISM) March manufacturing index fell to 49, below the boom-bust line of 50, with both output and employment contracting. Tariffs raised costs, leading to backlogs of new orders, slower supplier deliveries, and inventory growth. S&P Global's chief business economist noted that tariffs were the primary reason for the rise in factory input costs in March, the largest increase since mid-2022. Richmond Federal Reserve President Barkin warned that tariffs could simultaneously push up unemployment and inflation.