The tea leaves are still swirling, but early reads aren’t great, Bob

> A February survey of ad executives by trade group Interactive Advertising Bureau found a full 60% of respondents are projecting as much as a 10% reduction in ad budgets this year.
> > a recession could cause $45 billion in lost advertising, with promoters shifting from traditional television spots toward direct response channels.

The math is simple. Tariffs = higher prices = less budget for non-purchasing activities (like marketing or discretionary spending)

Related to yesterday’s post

via The Daily Upside