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Pricing power remains a growth lever, but volumes are showing strain. The new tariff regime is set to test the limits of pricing power further. Companies are still managing to push through price gains, but elasticity is no longer negligible. And tariffs threaten to raise input costs, squeezing margins.
While the near-term market effect of the US capture of Venezuelan President Nicolas Maduro is minimal—beyond select US oil refiners, Venezuelan sovereign bonds, etc.—Maduro’s capture is a major geopolitical event with profound implications for the future.