Insights: Macro

Supreme Court IEEPA Decision Overview/Refunds

In a 6-3 decision, the Supreme Court (SCOTUS) struck down President Trump’s imposition of tariffs under the International Emergency Economic Powers Act (IEEPA). Trump had used that authority to impose his sweeping “reciprocal” country-based tariffs, as well as his more targeted fentanyl tariffs.

Energy, Financials, Healthcare, Housing, Infrastructure, Macro, Miscellaneous, Tech / Media / Telecom

State of the Union

President Trump will deliver his State of the Union (SOTU) speech next Tuesday, 2/24, and if precedent holds, is likely to issue his FY27 budget request by ~mid-March. The annual budget request provides a more granular overview of the administration’s policy priorities, and along with the speech, influences how the President’s allies in Congress...

Funding for all parts of the government is in place through the end of FY26 on 9/30, except for the Department of Homeland Security (DHS), which contains ICE, Customs and Border Patrol (CBP), FEMA, TSA, and the Coast Guard. Temporary DHS funding expires tomorrow, at which point a shutdown of operations will occur. The White House and Senate...

IEEPA Tariffs/Congress

The International Emergency Economic Powers Act (IEEPA) statute gives Congress the opportunity to pass a resolution on a privileged basis (i.e., expedited consideration, 50 rather than 60 vote threshold in the Senate) that negates actions (including tariffs) taken under its authority. The Senate has passed multiple resolutions to overturn various...

Fed Chair/Warsh Confirmation Process

Sen. Tillis (R-NC), a member of the Senate Banking Committee (SBC), which is responsible for confirming members of the Fed, praised President Trump’s nomination of Kevin Warsh but signaled his continued unwillingness to vote for him until the DOJ drops its criminal investigation of Chair Powell. SBC Chair Scott (R-SC) also praised Warsh and said...

Government Shutdown

Negotiations between key Republican and Democratic players in the Senate have been ongoing over the last two days to find a path forward for passing FY26 appropriations (funding) legislation for the six areas of the government that remain unresolved. Temporary funding runs out this Saturday 1/31 and if appropriations legislation is not passed by...