Harvard Funding Freeze Ruled Illegal, Trump Tariffs Case Goes to Supreme Court

Trump Administration Legal Battles

• ⚖️ The Trump administration is asking the Supreme Court to uphold its global tariff regime, following an appeals court ruling that found the president improperly imposed country-by-country duties.
• 💰 A defeat for the president could cut the average U.S. effective tariff rate in half and force the U.S. to refund billions of dollars in import taxes.
• 🏛️ A federal court ruled that the U.S. illegally froze more than $2 billion in Harvard University's research funds, violating the school's free speech rights.
• 🎯 The ruling stated the administration used anti-Semitism as a smokescreen for a targeted, ideologically motivated assault on Harvard and other universities.

Energy Policy and Wind Farms

• 💨 In Massachusetts, the U.S. is working to withdraw a permit for New England wind projects off the Nantucket coast, part of a broader crackdown on East Coast wind projects.
• 📉 Governor Maura Healey criticized the move, stating the federal government should be working with states to build more power and that the administration's actions will kill jobs and take away power.

Political Developments and Market Outlook

• 📰 NYC Mayor Eric Adams denied reports that he was offered a job in the Trump administration's Department of Housing and Urban Development.
• 📈 Traders anticipate a weak jobs report, potentially leading to a quarter percentage point rate cut from the Federal Reserve this month.
• 🗣️ Fed Governor Christopher Waller indicated support for cutting rates at the next meeting and in months to come.
• 📊 The Fed's latest Beige Book survey showed little to no change in economic activity across most of the country.

Federal Reserve Independence

• 🏛️ Senator Elizabeth Warren believes the Senate Banking Committee should hold a hearing on Stephen Myron's appointment to the Federal Reserve but also calls for an oversight hearing on the president's attacks on the Fed's independence.