Trump's Supreme Court wins hit one wall: the economy

According to Axios, the Supreme Court this term handed President Trump unprecedented power over the federal government. But it blocked him on the two issues that matter most to markets: the Federal Reserve and emergency tariffs. The court gave Trump broad authority to fire federal officials, including FTC commissioners. His administration won major immigration rulings on asylum and protected status. The court also repeatedly let his contested policies take effect while legal challenges proceed. But the court blocked his attempt to fire Federal Reserve governor Lisa Cook and rejected his use of emergency powers to impose sweeping tariffs. This creates a regulatory pendulum for business. As one former Treasury official puts it, agencies overseeing antitrust and consumer protection now swing with political tides—every new president can quickly clean house. But the Federal Reserve's independence survives. Chief Justice Roberts wrote that the Founders understood the calamities that could flow from even the suspicion of political manipulation of monetary policy. For markets worried about inflation, that's the rulings' only comfort.

Listen to this story

Hear this and more stories in a personalized audio briefing.

Open The Chonkerton