Markets navigated a volatile but ultimately constructive week as investors digested a heavy flow of macro, geopolitical, and policy-related headlines. The most significant development was a U.S. Supreme Court ruling striking down IEEPA-based global tariffs, which lifted a major source of uncertainty even as the administration announced a temporary tariff under Section 122. Economic data carried a bearish tilt, highlighted by weaker than expected fourth-quarter GDP growth and softer PMI readings. Further, inflation data surprised to the upside with a hotter PCE print. Treasury yields moved modestly higher across the curve, reflecting reduced expectations for near-term Federal Reserve rate cuts following hawkish FOMC minutes. Equity markets edged higher despite choppy trading, supported by resilient earnings results and relief the tariff decision aligned with market expectations. Rising geopolitical tensions involving Iran contributed to higher oil prices and elevated volatility. The week’s results appeared to suggest investors were balancing short-term macro concerns against a still-favorable earnings and growth backdrop.