Good morning.

Friday in Whitewater will be mostly sunny with a high of 79. Sunrise is 5:38 and sunset is 8:24 for 14 hours 46 minutes of daylight. The moon is a waxing gibbous with 78.3 percent of its visible disk illuminated.
On this day in 1935, the Dust Bowl heat wave reaches its peak, sending temperatures to 109 °F in Chicago and 104 °F in Milwaukee.
A troubled economic outlook will soon be made worse:
Tariffs could exacerbate the affordability crunch, a chief concern for voters heading into the midterm elections. The Section 301 duties, which cover 99.4 percent of U.S. imports, are expected to raise the effective tariff rate paid by U.S. importers, according to the Yale Budget Lab, and sap the spending power of households and companies.
Exemptions on imports of certain foods, fuel and fertilizer could ease the burden somewhat. But the new tariffs, plus the return of $100-a-barrel oil (more on that below), risk reigniting inflation fears.
That could put central banks in a bind. The Fed meets next week and is expected to keep interest rates on hold. But traders now see a September hike as highly probable, a move that would most likely rankle Trump.
The bond market looks spooked. The yield on the 10-year Treasury note, a rate that underpins most commercial loans, topped 4.7 percent on Thursday. That’s helped push the 30-year fixed rate mortgage rate to its highest level of the year, a move that could chill the housing market.
The new tariffs are raising uncertainty for businesses. Trump is expected to unveil new duties on countries in Europe and Asia in the coming months, arguing that they are necessary to combat unfair trade practices.
War was already weakening the global economy. Now, a new tariff barrage “will pile on the misery,” Olu Sonola, the head of U.S. economics at Fitch Ratings, told The Times.
See Andrew Ross Sorkin, Bernhard Warner, Sarah Kessler, Michael J. de la Merced, Brian O’Keefe, Ian Mount, Vivienne Walt, and Nancy Scola, Trump’s Renewed Trade War Risks Dealing a Fresh Economic Blow (‘Households and businesses were already contending with an affordability crunch. A new round of tariffs could inflict more pain’), New York Times, July 24, 2026.
If Trump is looking for an even more destructive economic policy, he’ll be reduced to sticking his finger in an electrical socket.
Upcoming posts (in no decided order): A Whitewater Comparative Analysis and a New Ethics Ordinance.
Spanish wildfires force elderly and animals to evacuate in Madrid region:





