SMA - The Calm Before The Cut
2025-09-01 09:00:25 ET
Real Estate Weekly Outlook
U.S. equity markets were little changed this past week, while benchmark interest rates hovered around multi-month lows, as a tranquil end-of-summer week with status-quo inflation and economic indicators concluded with a jolting post-close tariff headline with highly uncertain implications. A U.S. federal appeals court ruled on Friday that the White House exceeded its tariff authority under the Emergency Economic Powers Act - the mechanism used to impose broad “reciprocal” tariffs - but allowed the duties to remain in effect until mid-October to set up a final showdown at the Supreme Court. The fresh injection of tariff uncertainty comes ahead of a critical two-week stretch of employment and inflation data and a mid-September Federal Reserve meeting that is increasingly likely to be as contentious as any in recent history....
The Calm Before The Cut