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Inflation Held Steady at 2.7% to End 2025

William Attardi on January 18, 2026

Consumer prices rose 2.7% in December, virtually unchanged from November and roughly in line with analysts’ expectations, per the latest reading from the Bureau of Labor Statistics. Inflation was helped by falling used car and truck prices, but rising grocery costs prevented the rate from making more progress toward the Fed’s 2% target. Food prices spiked 0.7% in December—the fastest monthly gain since 2022, the New York Times noted. Compared to the same period in 2024, food prices were up by 3.1%. Fed Chair Jerome Powell has previously said he expects the peak impact of tariffs to show up in Q1 of this year. Morning Brew

Why Haven’t Tariffs Boosted Inflation? This Theory Is Gaining Traction by Konrad Putzier

William Attardi on August 18, 2025

New research suggests the actual tariff rates are well below what economists have suspected. The highest tariffs in almost a century haven’t caused inflation to surge. The phenomenon has puzzled economists, some of whom suspect that companies have so far simply been reluctant to pass along the extra coststo their customers. But another argument for the limited impact is gaining traction: that tariffs being paid by importers are lower than advertised. In a new study, Barclays economists went through census data to see what tariffs importers actually paid in May. They found that the weighted-average tariff rate—the average of all tariffs, adjusted for import volume from each country—that month was around 9%. That number is well below the 12% rate that they had previously estimated based on White House announcements, and far less than what some others have estimated. The reason is that more than half of U.S. imports were duty-free and because many U.S. companies and consumers bought less from countries with higher levies, particularly China.  Ultimately, Barclays expects weighted-average tariffs to end up at around 15%, up from a current 10% and 2.5% last year.  Why Haven’t Tariffs Boosted Inflation? This Theory Is Gaining Traction – WSJ

Fed Leaves Key Rate Unchanged

William Attardi on June 22, 2025

The Federal Reserve kept its key rate unchanged Wednesdayas it waits for additional information on how tariffs and other potential disruptions will affect the economy this year. The Fed’s policymakers signaled they still expect to cut rates twice this year, even as they also project that President Donald Trump’s import duties will push inflation higher. The Fed expects the bump to inflation will be temporary, but they want to see more data to be sure. They also expect growth to slow and unemployment to edge up.  Fed Leaves Key Rate Unchanged – tEDmag

US Inflation Gauge Cools with Little Sign of Tariff Impact, So Far

William Attardi on May 30, 2025

A key U.S. inflation gauge slowed last month as President Donald Trump’s tariffs have yet to noticeably push up prices. Friday’s report from the Commerce Department showed that consumer prices rose just 2.1% in April compared with a year earlier, down from 2.3% in March and the lowest since September. Excluding the volatile food and energy categories, core prices rose 2.5% from a year earlier, below the March figure of 2.7%, and the lowest in more than four years. Economists track core prices because they typically provide a better read on where inflation is headed.  US Inflation Gauge Cools With Little Sign of Tariff Impact, So Far – tEDmag

The Statue of Liberty was made with copper but due to oxidation, it turned green.

When the “Lady in the Harbor” first arrived in New York in 1886, she didn’t look like the mint-green icon we know today. In fact, for the first twenty years of her life, she stood as a towering, metallic beacon of reddish-gold. Designed by French sculptor Frédéric Auguste Bartholdi and engineered by Alexandre Gustave Eiffel, the statue was a gift from France to America. To build her, Bartholdi chose copper for three practical reasons:

  • Malleability:It could be hammered into elaborate, thin sheets.
  • Weight:Copper is lighter than stone or bronze, making it easier to ship 350 individual pieces across the Atlantic.
  • Durability:It was strong enough to survive a 27-day ocean voyage and the harsh winds of the harbor.

When she was unveiled on October 28, 1886, her skin—made of 300 copper sheets roughly the thickness of two pennies—shone with a bright, metallic brown luster. The transformation from “penny-colored” to “patina-green” wasn’t planned. Bartholdi actually expected the statue to age into a deeper, darker red. However, the unique environment of New York Harbor—a mix of salt air, moisture, and industrial pollution—triggered a process called oxidation.

The Timeline of Change:

  1. 1886–1900:The bright copper dulled into a dark, muddy brown.
  2. 1903:The first hints of a light green crust, or “patina,” began to appear.
  3. 1906:The color change was so controversial that Congress nearly stepped in. They appropriated $62,000 to paint the statue back to its original color, but the public protested, calling the idea “sacrilege.”
  4. 1910–1920:The statue was a patchy mix of brown and green until 1920, when the oxidation was complete, leaving her entirely teal.

While we now view the green color as iconic, it actually serves a vital structural purpose. The layer of verdigris (the green patina) acts as a protective shield. It seals the copper underneath, preventing the metal from further corrosion and weathering.  By the time the color fully changed, a new generation of immigrants had arrived in America seeing a green statue.