"The consumer has not really seen the full effect of any of the tariffs to date. … The first round of tariffs ... most businesses that we talked to said, ‘We did not pass through most of that elevated costs through to the final customer.’”

-Atlanta Federal Reserve president Raphael Bostic, addressing the impact of tariffs on goods from China, during a talk with business leaders in Meridian, Miss., late last week, as reported by MarketWatch.com.