TRA Macro Tracking Index

Busy data day! Tariffs ruled not legal by the Supreme Court. But that's about all we know. The administration still has tools to try and push these through, though they are more challenging. We'll take a wait and see approach for now. The market reaction is relatively muted. December's inflation data (PCE) edged higher, which weighs housing less than CPI (which showed a cooling effect in recent prints). And consumer confidence generally remains low. Tough track for the Fed to navigate, but these are all indicators of limited stagflation.

Have a great weekend, and stay tuned for more updates as always!