Mike Armstrong and Marc Fandetti react to breaking news that the U.S. Supreme Court struck down the Trump administration’s reciprocal tariffs in a 6–3 decision. The hosts examine what the ruling could mean for inflation, corporate earnings, trade negotiations, and the potential refunding of billions in collected tariff revenue.

They also revisit the latest GDP data, debate how the Fed should respond to slowing growth alongside persistent inflation pressures, and discuss the growing divergence within market sectors as investors rotate away from last year’s biggest winners.