The damage of tariffs to the U.S. economy has already emerged
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The Nomura economic team has produced a comprehensive "Planned Capital Expenditure Index" for the various regional Federal Reserves in the United States, which is derived from a weighted average based on economic contributions from the aforementioned regional surveys. Visually, this index has just seen a significant decline, which typically leads to a substantial decrease in "actual core capital expenditures." This chart illustrates that the economic damage caused by tariff uncertainty has already manifested
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