This week we focus on tariffs following last Friday’s US Supreme Court ruling that the current tariff regime under the International Emergency Economic Powers Act (IEEPA) is unlawful.

2026 has thus far seen geopolitical events, from Venezuela and Iran to Greenland, attracting attention. Headlines about tariffs and questions over the independence of the US Federal Reserve have continued. Still, financial markets remain resilient.

Competition for capital is heating up. Persistent government deficits combined with a long overdue acceleration in corporate capex means bond markets face a wave of new supply. Is this a risk or opportunity?