The Independent Market Observer

What the Supreme Court’s Tariff Decision Means for Markets and Trade

February 23, 2026

On Friday, the Supreme Court struck down most of the tariffs the Trump administration had imposed over the past year. The question before the court was not whether the tariffs themselves were illegal, but whether the mechanism by which they were enacted was legal. By a 6-3 vote, the Justices determined that the implementation of tariffs under the International Emergency Economic Powers Act (IEEPA) went beyond the authority granted. The IEEPA allows a president to act in times of genuine national emergencies rather than to take broad trade policy actions. For example, it was enacted during the post-9/11 war on global terrorism and after the Russian invasion of Ukraine.

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The Market Observatory: Shifting Risks, Solid Fundamentals [Audio]

February 11, 2026

The early months of 2026 have proven interesting for investors, with no shortage of news affecting the markets. In this month's episode of the Market Observatory, Sam and I break down an investing landscape marked by shifting risks and solid fundamentals, plus what it all means for the path ahead.

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Market Thoughts for February 2026 [Video]

February 3, 2026

All three major U.S. indices ended January in positive territory, despite volatility driven by geopolitical tensions and uncertainty around the Fed. International stocks outperformed, with developed and emerging markets rising amid concerns about U.S. trade and foreign policy.

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Fed Leadership in Flux: The Road Ahead for Kevin Warsh

February 2, 2026

After much speculation and wild swings in market expectations, President Trump has nominated Kevin Warsh as his Fed chairman. If confirmed, he is expected to replace current Chair Jerome Powell in May at the end of his term.

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December 17, 2025

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The information on this website is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation.

Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets.

The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. All indices are unmanaged and investors cannot invest directly in an index.

The MSCI EAFE (Europe, Australia, Far East) Index is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of 21 developed market country indices.

The Dow Jones Industrial Average is computed by summing the prices of the stocks of 30 large companies and then dividing that total by an adjusted value, one which has been adjusted over the years to account for the effects of stock splits on the prices of the 30 companies. Dividends are reinvested to reflect the actual performance of the underlying securities.

The Russell 2000 is a market-capitalization weighted index, with dividends reinvested, that consists of the 2,000 smallest companies within the Russell 3000 Index. It is often used to track the performance of U.S. small market capitalization stocks.

One basis point (bp) is equal to 1/100th of 1 percent, or 0.01 percent.

The VIX (CBOE Volatility Index) measures the market’s expectation of 30-day volatility across a wide range of S&P 500 options.

The forward price-to-earnings (P/E) ratio divides the current share price of the index by its estimated future earnings.

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