Charts of the Week: Feb. 16-20

The Supreme Court today struck down the use of IEEPA (International Emergency Economic Powers Act) as a valid legal basis for many of the Trump administration tariffs in a 6-3 decision written by Chief Justice John Roberts with Justices Thomas, Alito, and Kavanaugh dissenting. It’s a complicated 170-page decision with concurrences, partial concurrences, and multiple …

“If it is obvious, then it is obviously wrong.” Joseph Granville I’ve noticed you can tell any story you want with a lot of the recent data. Today I wanted to share what I’ve found interesting, so you too can tell any story you want! Earnings This earnings season has been very impressive, with earnings …

In our 2026 Outlook: Riding the Wave, we took a look at the average return for the S&P 500 (and the likelihood of a positive year) for all years versus only years when the economy is growing (avoids a recession), consistent with our base case for 2026. Not surprisingly, when you take recessions off the …