More than half of Fourth District business contacts said that “uncertainty and the potential impact on demand” was the most important factor influencing their capital expenditure plans for the rest of 2025. Contacts most often reported that their inventory levels were the same as they were one year ago, though more firms reported lower inventory levels than higher ones. More than half of firms anticipated that they would work through their current inventories in one to three months. Most survey respondents said that one-fourth or less of their current inventory had been subject to additional duties in 2025 because of changes to trade policy.
Here is more from the Cleveland Fed.
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