The Constitutional Counterpunch, A 150-Day Sprint, and Walmart’s Warning

Dear readers,

Yesterday we examined the stagflationary whisper emerging from a 1.4% GDP print. Today, that whisper has been drowned out by something louder: the sound of constitutional machinery grinding against executive ambition.

While most of America was winding down for the weekend on Friday, Washington delivered a legal earthquake followed by an immediate aftershock. The Supreme Court struck down presidential tariff authority in a 6-3 ruling. Hours later, the White House invoked a different statute to reimpose levies. The result is a trade policy environment that now operates on a 150-day countdown clock—and corporate treasurers reaching for their calculators.