inflationary

"We experienced lower store traffic in the Americas, partially reflective of economic uncertainty, inflationary pressures, lower consumer confidence, and changes in discretionary spending," Lululemon said in a statement.

Shapiro is smart enough to know that a 30% tariff is still wildly inflationary, but he caved to pressure to return to the North Korea-style praise of Trump as the ultimate genius.

"Sticky wage growth may mean the Bank remains uneasy about inflationary pressures in the near term," Ms Gregory said.

Some experts believe the upward trend will continue, fuelled by unpredictable US policy, inflationary pressures and central bank buying.

Powell added that inflationary effects of tariffs could be a one-time price spike in reaction to the new duties or a "persistent" problem.