NY Fed: Tariffs Drove 2.9-Point Inflation Rise Across 67 Goods

The finding that prices would have fallen absent tariffs reframes the debate from whether tariffs are inflationary to how much of the burden lands on domestic producers through imported inputs. That indirect channel matters for RWA and crypto markets only insofar as it keeps the rate-cut path uncertain, since sticky goods inflation feeds directly into the Fed's calculus. The open question is whether the indirect share keeps growing as supply chains reprice, or whether it proves a one-off adjustment.