Good morning. Walmart’s CEO warned yesterday that tariffs would force it to raise prices this year — even after the recent decrease in duties on China. The retail giant said last quarter that it did not know how much tariffs would affect the core business. It appears to know more now, and the news is not good for consumers. Email us: robert.armstrong@ft.com, aiden.reiter@ft.com and hakyung.kim@ft.com.

Gold

The other day on the Unhedged podcast, I speculated that perhaps gold, which hit the astonishing level of $3,250 a few weeks ago and has drifted sideways ever since, might have put in its long-term high. My reasoning for this is embarrassingly simple: we’ve reached peak tariff anxiety — and perhaps peak Trump anxiety — and the price is already really high.

My colleague Toby Nangle heard the podcast and sent along this chart from the latest Bank of America Global Fund Manager Survey: