Retailer earnings are showing weakness, but Katie Thomas from Kearney Consumer Institute said that it cannot all be attributed to tariff uncertainty. Thomas said that consumers are spending based on the reality right now, not based on potential economic weakness ahead, and that shoppers have the ability to shop around at stores with an abundance of options. An increase in delinquencies gives reason for concern, but spending from the top-end of consumers could help keep spending strong. Thomas thinks that there may be a return to supply chain issues from the pandemic, as companies weigh how much inventory to keep in stock due to questions over tariff policy.