Overall U.S. Tariff Level Still High Despite Exemptions

Published on April 17, 2025

With Congress out for the next two weeks for Easter recess and a short trading week in New York, it should be a quieter week – though tariff-related news continues to capture headlines.

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Unemployment Insurance Weekly Claims Report

April 17, 2025
In the week ending April 12, the advance figure for seasonally adjusted initial claims was 215,000, a decrease of 9,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 223,000 to 224,000. The 4-week moving average was 220,750, a decrease of 2,500 from the previous week's revised average. The previous week's average was revised up by 250 from 223,000 t

An Abrupt and Cascading Dislocation

April 17, 2025
At its core, a market crash is nothing but risk-aversion meeting a market that’s not priced to tolerate risk.