The International Emergency Economic Powers Act (IEEPA) is a 1977 U.S. statute granting the President sweeping authority to regulate foreign commerce and impose economic sanctions. In February 2026, the U.S. Supreme Court ruled in a 6–3 decision that IEEPA does not authorize the executive branch to unilaterally impose import tariffs without explicit congressional approval. This...

For much of the past year, some loud and persistent voice(s) had insisted that interest rates are headed lower, and a surprising number of market participants have arranged their balance sheets as though that outcome were a certainty. The evidence does not point that way. Inflation remains stubbornly above target, the Federal Reserve has held...

There is an explosion of entities waiting to become banks. In the last 60 days for example, no less than six bank applications were filed (including the formidable Revolut Bank). Behind that, there are a rash of new competitors coming to include banks by Affirm, PayPal, World Liberty, Mercury, NuBank and UKG. Most will create...