In January 2026, economists find that tariffs contributed ~1.1–1.4% to annual inflation. While median households face $1,400 in extra annual costs, the impact is less than feared due to implementation lags and exceptions.

The "volatility beast" has resurfaced, triggering a sharp increase in the VIX and intense market swings. This shift signals a transition from low-volatility stability to a high-risk environment...