Cullen Roche says that markets are losing sight of the fact that things were “already dicey” economically even before tariffs. He calls the next 12-18 months “pretty worrisome.” He doesn’t think consumers are “strong enough to bear the brunt” of this. He thinks Powell will be extra cautious going forward because it will be uncertain whether tariffs are a one-time price increase or inflationary. He also doesn’t expect big companies to reshore manufacturing, but just to wait out the election cycle.