Companies are now shifting tariff burdens onto consumers—that's the latest signal from the Federal Reserve's latest economic survey. The beige book paints a picture of businesses that have exhausted their own margins and are left with no choice but to pass higher costs forward. This matters more than it sounds. When production gets more expensive and those costs ripple through supply chains into retail prices, it feeds inflation. And inflation? It reshapes everything from central bank policy to how capital flows across risk assets, including crypto. Markets have been sensitive to Fed signals lately, so this shift in corporate pricing power could signal another layer of economic tightening ahead.