On Friday, the U.S. Supreme Court struck down President Trump’s tariff regime in a 6-3 decision.
“No president has invoked the statute to impose tariffs, much less tariffs of this magnitude and scope,” the court ruling said.
“That lack of historical precedent, coupled with the breadth of authority the president now asserts, suggests that the tariffs extend beyond the president’s ‘legitimate reach.'”
Bitcoin rose about 2% on the news, surpassing the $68,000 level. However, as has been typical in cryptocurrencies lately, the gain reversed within minutes, returning to just under $67,000 at the current time.
The cryptocurrency’s fleeting gains contrasted with what looks more sustainable in stocks, with the Nasdaq rising 0.6% to a session high.
Stagflationary data
Earlier Friday, a series of US economic data showed signs of stagflationary impulses. The U.S. economy grew just a modest 1.4% in the final three months of 2025, the Commerce Department reported. In addition to core personal consumer spending, prices rose 3% year over year, faster than the 2.9% expected and up from 2.8% previously.
Annually, the economy grew by 2.2%, which is the slowest growth since Covid 2020.
“Today’s economic data delivered a confusing message of higher-than-expected inflation and slower-than-anticipated growth,” said Art Hogan, chief market strategist at B. Riley Wealth. “The mixed message from today’s data confirms the Fed’s current tendency to take its time with monetary policy.”
