Who Really Pays Trump's Tariffs? New Fed Report Shows Inflation & Mortgage Rate Impact

A new study is challenging one of the biggest narratives around tariffs — and the implications could directly affect inflation, interest rates, and your real estate portfolio.

Research from the Federal Reserve Bank of New York finds that Americans are paying nearly 90% of recent tariffs, not foreign exporters. In other words, higher import taxes are largely flowing through to U.S. consumers and businesses.

Why does that matter?

Because when prices rise, inflation stays elevated. And when inflation runs hot, the Federal Reserve may delay rate cuts — keeping mortgage rates higher for longer.

In this episode, Kathy Fettke breaks down what the data actually says, how tariffs influence Fed policy, and what it means for borrowing costs, housing demand, and real estate investors in 2026.

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Source: https://www.reuters.com/world/us/ny-fed-report-says-americans-pay-almost-all-trumps-tariffs-2026-02-12/