Marc Chandler, Managing Partner at Bannockburn Global Forex and expert in macroeconomic analysis, delves into pressing market dynamics. He discusses the Supreme Court's potential impact on tariffs and the U.S. dollar, emphasizing that tariffs are here to stay regardless of rulings. Chandler also explores the disconnect between rising manufacturing output and job losses tied to automation. Additionally, he provides insights on global capital flows, yen volatility, and the stability of oil prices amid geopolitical tensions.
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Supreme Court As A Check On Tariff Power
The Supreme Court decision on emergency-tied tariffs is a key institutional check on executive power.
Marc Chandler expects the Court to view the tariff move as an overreach that could curb unilateral executive actions.
volunteer_activism ADVICE
Prepare For Two Clear Market Outcomes
If the tariffs are struck down expect a likely stock rally and more cash for importers.
If tariffs are upheld expect market sell-offs and dollar weakness as presidential power is emboldened.
insights INSIGHT
Tariffs Are Here To Stay Politically
Tariffs are politically unpopular but unlikely to disappear because the president holds long-standing trade views.
Expect tariffs to remain a recurring political and market theme through the year.
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In this KE Report Daily Editorial (Friday, January 16), we’re joined by Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market website. Marc breaks down the biggest macro drivers shaping markets early in 2026 - spanning U.S. policy uncertainty, central bank crosscurrents, global capital flows, and energy geopolitics.
Key discussion points include:
Supreme Court, Tariffs, and Market Risks - Marc outlines why investors are closely watching the Supreme Court’s pending decision on tariffs tied to emergency powers, what different outcomes could mean for stocks and the U.S. dollar, and why tariffs are unlikely to disappear regardless of the ruling.
Fed Policy, Inflation, and Economic Data - We discuss the disconnect between rising U.S. manufacturing output and declining manufacturing jobs, the role of automation, and how tariffs have influenced inflation. Marc also shares his outlook for the U.S. economy, interest rate cuts, and the significance of rising Treasury yields.
Global Central Banks, FX, and Energy Markets - The conversation widens to global policy dynamics, including Japan’s yen volatility, capital flows into U.S. assets, and why oil prices have remained relatively stable despite ongoing geopolitical tensions and shifting trade relationships.
Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
The KE Report