Analyzing tariff effects on inflation.gettyInflation may be down to the Federal Reserve’s target, if we subtract the effect of tariffs. Perhaps, then, the Fed can bring down interest rates more. That’s an implication of research at Harvard Business School’s Pricing Lab. Their “data contain daily prices scraped from the online stores of large multichannel U.S. retailers.” They calculate duties on the products and find that so far, pass-through to consumers averages 20% of the tariff. (That will likely rise t ...