Geopolitics Alpha

Would prices have fallen without tariffs this past year? New York Fed research says yes for many consumer goods

Published . Updated .

GEOPOLITICS ALPHAWould prices have fallen withouttariffs this past year? New YorkFed research says yes for many…GEOPOLITICS ALPHA

This report is about tariffs and trade and US interest rates.

Directly affected

  • No company is named in this report.

Indirectly affected

  • XLI Industrial Select Sector SPDR-1.5% 30d

    Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.

  • XRT SPDR S&P Retail ETF

    SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.

  • TLT iShares 20+ Year Treasury Bond ETF-1.6% 30d

    iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story.

  • JPM JPMorgan Chase-4.3% 30d

    JPMorgan Chase (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story.

  • CAT Caterpillar-23.7% 30d

    Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.

  • WMT Walmart+14.9% 30d

    Walmart (variety stores): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.

  • BAC Bank of America-11.1% 30d

    Bank of America (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story.

  • DE Deere-1.3% 30d

    Deere (farm machinery and equipment): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.

Price reaction, T-5 to T+3

TickerT-5T-3T-1T0T+1T+2T+3
XLI-1.06%+0.22%baseafter closeafter closeafter closeafter close
XRT-3.55%-1.68%baseafter closeafter closeafter closeafter close
TLT-0.10%-0.30%baseafter closeafter closeafter closeafter close
JPM-1.44%+0.85%baseafter closeafter closeafter closeafter close
CAT+16.30%+5.44%baseafter closeafter closeafter closeafter close
WMT-6.59%-5.06%baseafter closeafter closeafter closeafter close
BAC+2.23%+3.18%baseafter closeafter closeafter closeafter close
DE-4.18%-1.10%baseafter closeafter closeafter closeafter close

Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.

Market Call

Think this story will push the stock up or down over the next three trading days? Make a free call and see what other readers think. Points are play money with no cash value.

Would prices have fallen without tariffs this past year? New York Fed research says yes for many consumer goods Chase Bank

Source: Chase Bank

Price since this story was published: Select Sector Spdr Tr (XLI)

CompanyWhenMoveStatus
BACthree days earlier+3.18%final price
BACfive days earlier+2.23%final price
Caterpillar (CAT)three days earlier+5.44%final price
Caterpillar (CAT)five days earlier+16.30%final price
Deere (DE)three days earlier-1.10%final price
Deere (DE)five days earlier-4.18%final price
Jpmorgan Chase (JPM)three days earlier+0.85%final price
Jpmorgan Chase (JPM)five days earlier-1.44%final price
Ishares Tr (TLT)three days earlier-0.30%final price
Ishares Tr (TLT)five days earlier-0.10%final price
Walmart (WMT)three days earlier-5.06%final price
Walmart (WMT)five days earlier-6.59%final price
Select Sector Spdr Tr (XLI)three days earlier+0.22%final price
Select Sector Spdr Tr (XLI)five days earlier-1.06%final price
Spdr Series Trust (XRT)three days earlier-1.68%final price
Spdr Series Trust (XRT)five days earlier-3.55%final price

Trades by members of Congress and officials in the stocks in this story

Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).

Who gains and who loses around Select Sector Spdr Tr (XLI)

Companies carried with this story

  • XLI Select Sector Spdr Tr

    In “Would prices have fallen without tariffs this past year? New York Fed research says yes for many consumer goods,” Select Sector Spdr Tr (XLI) is linked, with no stored direction, medium confidence. Reason on file: Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story

  • XRT Spdr Series Trust

    For “Would prices have fallen without tariffs this past year? New York Fed research says yes for many consumer goods,” Spdr Series Trust (XRT) is linked, with no stored direction, medium confidence. Reason on file: SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story

  • TLT Ishares Tr

    Ishares Tr (TLT) is linked, with no stored direction, medium confidence in the 3 Nov 2026 story “Would prices have fallen without tariffs this past year? New York Fed research says yes for many consumer goods.” Reason on file: iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story

  • CAT Caterpillar

    Caterpillar (CAT) is linked, with no stored direction, medium confidence in the 3 Nov 2026 story “Would prices have fallen without tariffs this past year? New York Fed research says yes for many consumer goods.” Reason on file: Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story

  • WMT Walmart

    For “Would prices have fallen without tariffs this past year? New York Fed research says yes for many consumer goods,” Walmart (WMT) is linked, with no stored direction, medium confidence. Reason on file: Walmart (variety stores): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story

  • DE Deere

    For “Would prices have fallen without tariffs this past year? New York Fed research says yes for many consumer goods,” Deere (DE) is linked, with no stored direction, medium confidence. Reason on file: Deere (farm machinery and equipment): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story

  • NKE Nike

    For “Would prices have fallen without tariffs this past year? New York Fed research says yes for many consumer goods,” Nike (NKE) is linked, with no stored direction, medium confidence. Reason on file: Nike (rubber and plastics footwear): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story

  • JPM Jpmorgan Chase

    For “Would prices have fallen without tariffs this past year? New York Fed research says yes for many consumer goods,” Jpmorgan Chase (JPM) is linked, with no stored direction, medium confidence. Reason on file: JPMorgan Chase (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story

Select Sector Spdr Tr (XLI)

Select Sector Spdr Tr (XLI) is the company in “Would prices have fallen without tariffs this past year? New York Fed research says yes for many consumer goods,” the 3 Nov 2026 this story story.

For Select Sector Spdr Tr (XLI), the reason on file says Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story

Spdr Series Trust (XRT) is here too. Its reason reads: SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story

Dates in the story, and the Select Sector Spdr Tr (XLI) price range

TLT traded between 76.44 and 81.94 across 20 sessions. The latest close on file is 79.46. XLI traded between 163.00 and 172.33 across 20 sessions. The latest close on file is 167.42.

What the saved facts support for Select Sector Spdr Tr (XLI)

46 out of 100

“Would prices have fallen without tariffs this past year? New York Fed research says yes for many consumer goods” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.