Good afternoon,

Your next pair of shoes is probably going to be more expensive. With pre-tariff imports running low, footwear is set to become the latest industry experiencing price hikes due to tariffs.

Also in this edition:

• Senate OKs Miran for Fed board 👌
• EY accused of scaling back fraud-hunting 🔍
• Call to end quarterly reporting sees pushback 🫸

US footwear prices are expected to jump as companies deplete the inventory stockpiled before tariffs took effect. Footwear Distributors and Retailers of America CEO Matt Priest says companies are starting to pass the cost of tariffs to consumers, particularly in women's footwear. Footwear Unlimited President Pat Mooney notes that costs have risen 15% to 20% this year due to tariffs, and he expects prices to increase more rapidly.

The Senate has confirmed Stephen Miran, a top economic adviser to President Donald Trump, to the Federal Reserve's board in a 48-47 vote along party lines. Miran has said he will keep his role as chair of the White House Council of Economic Advisers while serving on the Fed, raising concerns about the central bank's independence.

A federal appeals court has ruled that President Donald Trump cannot dismiss Federal Reserve Governor Lisa Cook before the Federal Open Market Committee meeting, allowing her to participate in the two-day event. Trump attempted to fire Cook over alleged mortgage fraud, which she denies, but the court upheld a lower ruling preventing her removal while her lawsuit against Trump proceeds.

The Bureau of Labor Statistics has received an exemption from the federal hiring freeze to hire more than two dozen part-time workers to collect prices, addressing a staffing shortage that has forced the agency to cut back on data collection and rely on estimation. The hiring freeze, enacted by the Trump administration, has led to a 19% miss in the data sample the BLS aims to collect.

Former EY partner Joe Howie, who was part of the firm's post-Wirecard scandal cleanup, has filed a lawsuit alleging that the company failed to implement promised fraud-hunting measures, prioritizing business over ethics. Howie claims he was pushed out after refusing to sign off on flawed quality control systems and urging EY to drop risky clients.

Industry reactions to ending quarterly reporting have been mixed. Proponents criticize quarterly earnings pressure for encouraging short-term thinking and adding to corporate compliance costs. However, market experts are divided, with some warning that less frequent disclosures could increase uncertainty and volatility and make it harder for investors to assess companies. Finance leaders note that less frequent reporting could free up resources while reducing transparency for investors and potentially increasing pressure during biannual disclosures.

Nasdaq CEO Adena Friedman expressed support for reforms that would allow public companies to choose between quarterly and semiannual reporting after President Donald Trump renewed calls to end quarterly reporting mandates. Friedman says the change would reduce short-termism and lower public company costs, potentially boosting capital markets.

With their potential for faster settlement and global reach, stablecoins are becoming increasingly relevant to CFOs as they are integrated into cross-border settlements and decentralized finance. However, their complexity presents liquidity management and security challenges. CFOs must understand the concept of stablecoin bridging, which involves moving tokens across different blockchains, to effectively manage liquidity and mitigate risks.

Mutual fund giant's shift toward alternative investments has proven difficult. With fee compression and the rise of passive investing eroding profits, firms have sought growth through alternative assets like private credit. Despite acquisitions and partnerships, these efforts have yet to reverse outflows or generate significant new revenue. Internal challenges, cultural clashes and competition from established alternative managers have hindered progress.

Your introverted team members have some great ideas, but their reflective nature means they stay silent during rapid-fire meetings, says executive coach Joel Garfinkle in this video. Garfinkle recommends coaching these workers on the importance of speaking up, not just for the company, but for their own career growth. "The message to introverted employees must be clear and direct: 'When you have a seat at the table, use it,'" Garfinkle writes.

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You can reach us at matt.reitz@futurenet.com.