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real exchange rates in hard and soft sovereign defaults

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Podcast
Aug. 20, 2025

Zach Edwards and Felipe Schwartzman share what they have learned about how much businesses have been passing along higher prices for their inputs — especially due to higher tariffs in 2025 — to the prices they charge their customers. They also discuss how this cost pass-through could affect overall inflation. Edwards is a research analyst and Schwartzman is a senior economist, both at the Federal Reserve Bank of Richmond.