* Hopefully…

 

This is likely the week the Supreme Court issues a ruling on the IEEPA tariffs in place since April 2025 (excluding the 90-day suspension, and other sundry modifications, revisions, pauses, exemptions, etc.). As I noted from the start, this is a deeply flawed policy of questionable legality that was implemented haphazardly (my priors are below).

During the SCOTUS this past November, I explained why the “Tariffs are likely to be overturned.” No new information has come out since then that has changed my perspective.  Indeed, the Customs department was updating its website and added a way for companies to apply for tariff refunds, revealing their expectations about the SCOTUS decision.1

There has been too much “opinionating” about the tariffs, much of which is misguided and/or misinformed. If you are NOT an attorney, perhaps it is best that you do NOT play an attorney on TV.

For investors, the key question is whether a SCOTUS decision affirming the appellate court’s rejection of the tariffs will be easy for the administration to circumvent. The quick answer is that if it had been quick and straightforward to achieve legally, they would have done so initially. Instead, many of the IEEPA tariffs will require congressional approval; others need the type of administrative action that this government has not demonstrated as its strong suit.

Specifically, I surmise it will be more difficult to navigate around these tariffs if the Supreme Court invalidates all or most of these.2

The other question for investors is exactly how much of the tariff repeal is already reflected in market prices. It’s always difficult to assess what is in the collective minds of traders, but consider that since the April 2nd tariff announcements (markets since April 3rd), the S&P 500 and the Industrial sector are up about the same — 29.1% vs 28.7%. However, since the November 5th argument at the Supreme Court, the S&P500 is up 2.4%, while the SPX manufacturing sector is up more than double that at 5.7%.

 

I can imagine that a resounding rejection of the tariffs would cause a healthy rally in the broad indices, led by manufacturing companies, retailers, and any firm deeply involved in importing or exporting physical goods. Perhaps that is my wishful thinking, reflecting how RWM’s clients (including myself) are positioned.

A few reminders that provide additional insight to those who non-lawyers discussing tariffs in the media:

-President Trump’s second‑term tariffs have pushed the average effective US tariff rate to the highest level in more than a century.

-The legal question is whether IEEPA, which does not mention tariffs, gives the executive branch powers that have previously been reserved to Congress.

-The House IEEPA report stated: “Emergencies are by their nature rare and brief, and are not to be equated with normal ongoing problems.”

-Does the word “Emergency” mean what common usage assumes, or is there some other legislative interpretation as to what an “Emergency” is?

-50 U.S.C. § 1702 allows the President to “investigate, regulate, or prohibit” certain transactions and the “importing or exporting of currency or securities;” this does not give the president the authority to “impose unlimited tariffs on goods from nearly every country in the world.”

-In his first term, President Trump applied Section 232 and Section 301 broadly to both rivals and allies; those tariffs were authorized by legislation and used as a central, recurring instrument of economic/foreign policy.

We could go deeper into the weeds, but instead, I will point you to my conversation with Neal Katyal, the attorney who actually won this case at the DC Court of Appeals and argued it before the Supreme Court.

As to my priors, here is my disclosure: Whatever you are reading here is influenced by my understanding of both the law and markets. That includes three major factors:

A) Bad Policy: From an economic standpoint, tariffs are a terrible idea; this has been proven repeatedly throughout history, but most especially through The Smoot Hartley Tariff Act in 1930, which deepened the Great Depression.

B) Illegal: The 2025 Tariffs are wholly and incontrovertibly unconstitutional.1 Article 2 Section 8 of the US Constitution reserves the power to tax, raise duties, and levy exclusively to Congress and not the Executive branch.

C) China has been a bad actor in international trade, engaging in theft of intellectual property, dumping, anti-competitive import rules, and other bad behaviors. That said, there must be a more productive and intelligent way to negotiate with China about its bad behavior.

There is no guarantee that SCOTUS will release its decision this week, but it did fast-track the case back in September. We shall soon find out exactly what this policy, its legality, and economic impact, means to the markets…

 

 

See also:
Trump’s tariff revenue tracker: How much is the US collecting? Which imports are hit?
By Gary Clyde Hufbauer and Ye Zhang
PIIE, December 15, 2025

New Trump tariffs collection hits $200 billion, Customs says
By Lori Ann LaRocco and Dan Mangan
CNBC Dec 15 2025

 

Previously:
Tariffs Likely To Be Overturned (November 5, 2025)

Which States Could Suffer the Most From Trade War Tariffs? (September 16, 2019)

Transcript: Neal Katyal on Challenging Trump’s Global Tariffs (September 8, 2025)

MiB: Special Edition: Neal Katyal on Challenging Trump’s Global Tariffs (September 3, 2025)

Are Tariffs a New US VAT Tax? (March 31, 2025)

The Muted Impact of Tariffs on Inflation So Far (July 17, 2025)

Might Tariffs Get “Overturned”? (July 31, 2025)

The Consequences of Chaos (April 7, 2025)

7 Increasing Probabilities of Error (February 24, 2025)

 

 

__________

FOOTNOTES:
1. “Automated Commercial Environment” (ACE) is a secure electronic portal allowing businesses to file import/export data, trade information, and comply with regulations. This is where companies apply for Tariff refunds.

2. Side note about this particular SCOTUS case: It is so painfully obvious to any student of constitutional law that these tariffs are unconstitutional. It should be a 9-0 or 8-1 decision, but is likely more likely to be 7-2 or 6-3 due to the most extreme and/or partisan Justices.

If it’s somehow not overturned, I will venture that marks the end of the Supreme Court’s credibility as we know it. Even a 5-4 decision will be problematic for the court. We will save that discussion for another time.

My guess? Justices Samuel Alito, Clarence Thomas, and maybe Neil Gorsuch will dissent…

3. Article I, Section 8, often called the Taxing Clause:

“The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises … but all Duties, Imposts and Excises shall be uniform throughout the United States.”

 

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My back-to-work morning train reads:

• Peter Navarro: ‘There’s No Softening on China’ Trump’s longtime trade adviser discusses tariffs, doing business with Beijing, and the Supreme Court case that could define his legacy. (Bloomberg free)

• US prosecutors launch criminal investigation into Federal Reserve’s Jay Powell: Central bank chair says grand jury subpoenas are retaliation for refusal to bow to demand to cut interest rates. (Financial Times) see also U.S. Prosecutors Are Investigating Fed Chair Jerome Powell: A criminal probe looks at his testimony to Congress over central bank renovations. (Wall Street Journal)

• How Google Got Its Groove Back and Edged Ahead of OpenAI: After ChatGPT dominated early chatbot market, Google staged comeback with powerful AI model; biggest search-engine overhaul in years. (Wall Street Journal)

• The Year of the $100 Million House: For the first time ever, every luxury property on the list of 2025’s 10 biggest sales traded at nine figures or more (Wall Street Journal)

• Ten Lessons the Market Taught Us in 2025. Lessons the Market Taught Us in 2025 (Larry’s Substack) see also Even Warren Buffett couldn’t keep beating the market without fail. Here’s why.Would you have invested in Berkshire Hathaway stock at the start of Buffett’s career? (Marketwatch)

• It’s One of America’s Most Successful Experiments, and It’s Coming to an End. Amid an astonishing wave of anti-Indian animus, it’s a question many Indian Americans are asking. In its crudest form, mostly expressed on social media, this antipathy shows up as gutter racism and religious bigotry — an endless stream of invective declaring that Indians have low I.Q.s, worship devils, cheat their way into the country and commit terrible crimes. (New York Times)

• More than 10% of Congress won’t return to their seats after 2026: More than a tenth of the current Congress has now indicated they will not return to their seats after the 2026 midterms, driven by redistricting, retirements and lawmakers running for different offices. (NPR)

• Cuba Is Already on the Brink. Maduro’s Ouster Brings It Closer to Collapse. Cubans speculating about whether their government will be next to fall, with crucial Venezuelan oil imports now in jeopardy. (Wall Street Journal)

• We are all le Carré’s people now: Look into his wilderness of mirrors and see our own world reflected all around. (New Statesman)

• Instructional Manual for Good Writerly Practice: An Interview with Rob Mclennan (Cleveland Review of Books)

Be sure to check out our Masters in Business interview this weekend with Ben Hunt, founder of Perscient, a firm that studies how narratives and stories shape markets, investing, and social behavior through the lens of information theory, game theory, and unstructured data analysis. His work analyzes the language, story arcs, and viral spread of explanations in media.

Wells Fargo’s economic chart of the year

Source: @MylesUdland

 

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Yes, the HNTI podcast series continues in 2026 (albeit at a much slower pace)

Barry Ritholtz, co-founder, chairman and CIO of Ritholtz Wealth Management, is out with a new book titled “How Not to Invest: The Ideas, Numbers, and Behavior that Destroy Wealth—and How to Avoid Them,” which he discusses along with his earlier book “Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy.”

Ritholtz is also creator of The Big Picture blog, and creator and host of the Bloomberg podcast Masters in Business. (01/2026)

Via Real Assets ASdviser

 

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Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures:

• Stop, Shop, and Scroll: Behind every influencer is an army of the influenced, many adrift in debt and mass-produced clutter. The platforms need influencers and influencers need audiences — but what the influenced need is not so simple. (The Verge)

• Prediction Markets Are Becoming a National Security Problem: The bets on Maduro’s ouster should be treated like a five-alarm fire. (Slate)

• Under Armour’s Kevin Plank built an empire. Now Rome is burning. The decade brought a stunning collapse. Once a budding rival to Nike, Under Armour’s sales stalled and its stock plummeted. Forbes figures the 53-year-old Plank has lost two-thirds of his net worth. The company fended off allegations of fraud. He stepped aside as CEO. (The Baltimore Banner)

• Peter Navarro, Trump’s Ultimate Yes-Man: The tariff cheerleader established the template of sycophancy for Trump Administration officials. (New Yorker)

• Small-Time Crypto Investors Are Facing Violent Attacks: Rising prices and the irreversible nature of crypto transactions have led to a surge of brutal home invasions and kidnappings. (BusinessWeek free)

• Living in the Lie And How Not To. I find the endless lies and lying often to be the most infuriating and demoralizing part of the present situation. In the wake of this terrible killing in Minneapolis, my first thought, after the initial shock, anger, and sadness, was the knowledge that the next few days, months, weeks, and years would be filled with endless lying about what happened from the regime and its stooges. This filled me, if not quite with despair, then at least with a strong sense of depression. I suppose it has something to do with my vocation as a historian, where I can accept tragedy and even evil as unavoidable parts of the human experience, so long as witness can be borne and the truth eventually discovered.  Unpopular Front)

• The Wrath of Stephen Miller: The man who turns President Trump’s most incendiary impulses into policy. (The Atlantic) see also The turbulent trajectory of Trump’s ‘Nazi streak’ acolyte: Paul Ingrassia’s almost Trumpian survival demonstrates how ideological affinity and personal loyalty can outweigh all other considerations in this administration. (Politico)

• Why are malnutrition deaths soaring in America? “We see it across the board. Every state, every education level, every race, every gender.”  According to data, malnutrition deaths have jumped in the United States, especially among those 85 and older. Here’s why the numbers suddenly started to rise. (Washington Post)

• DOJ admits it has still not released 99% of Epstein files, violating law: The DOJ said it is still reviewing millions of Epstein files, after previously claiming it completed the review in July. (Popular Information)

• The Oddest Couple in American Literature: Norman Mailer and Lawrence Schiller’s Marilyn: A Biography sold more copies than anything Mailer ever wrote. He also believed it cost him a Nobel Prize (Airmail)

Be sure to check out our Masters in Business interview this weekend with Ben Hunt, founder of Perscient, a firm that studies how narratives and stories shape markets, investing, and social behavior through the lens of information theory, game theory, and unstructured data analysis. His work analyzes the language, story arcs, and viral spread of explanations in media.

 

Inflation rates tended to rise in the 2 years after tariff increases and fall in the 2 years after tariff reductions
Source: Jon Hilsenrath, LinkedIn

 

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This week, I speak with Ben Hunt is president and co-founder of Perscient, an AI research firm and software company that pioneered the use of language models and unstructured data analysis for investment strategies. We discuss how emerging narratives move a market, and how AI is revolutionizing Perscient’s computing power.

He explains how the firm tracks the global media narratives, looking at unstructured data and language to identify the stories that are impacting investors.

A list of his current reading/favorite books is here; A transcript of our conversation is available here Tuesday.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

Be sure to check out our Masters in Business next week with Nobel laureate Richard Thaler and his University of Chicago Booth School colleague Alex Imas on the update and reissue of his classic book The Winner’s Curse.

 

 

 

Current Reading & Favorite Books

 

Books Barry Mentioned

 

Ben’s Published Books

 

 

 

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The weekend is here! Pour yourself a mug of Danish Blend coffee, grab a seat outside, and get ready for our longer-form weekend reads:

• Dopamine Markets: Investing is entertainment, traders are celebrities, BREAKING news comes with live odds, everyone has inside information, the American dream is to get rich quick. (Dopamine Markets)

• The $2 Billion Experiment to Transform Restaurants With Robots and AI: E-commerce mogul Marc Lore’s Wonder is trying to do to takeout what Amazon did to shopping. Do people want food made in a culinary fulfillment center? (Businessweek)

• The Dawn of the AI Drone: In Ukraine, a New Arsenal of Killer A.I. Drones Is Being Born: As the war grinds on, sophisticated Russian defenses have pushed Ukraine to develop a frightening new weapon: semiautonomous killing machines. In the past year, drone warfare in Ukraine has undergone a chilling transformation. Most drones require a human pilot. But some new Ukrainian drones, once locked on a target, can use A.I. to chase and strike it — with no further human involvement. This is the story of how the battlefield became the birthplace of a powerful new weapon. (New York Times)

• The Mischievous Ex-Bankers Behind “Industry:” Konrad Kay and Mickey Down failed as financiers—but they’re making a killing by depicting the profession on HBO. (New Yorker)

• The Front-Runner: California’s Gavin Newsom would rather be wrong than weak. (The Atlantic)

• How to Do Great Work. If you collected lists of techniques for doing great work in a lot of different fields, what would the intersection look like? I decided to find out by making it. (Paul Graham) see also 37 Pieces of Career Advice I Wish I’d Known Earlier: I wouldn’t say I’ve done it all because that’s one thing you learn–how much you have left to learn–but I have done a lot. I’ve had to think a lot about how to be a good employee as well as how to be a good boss. I’ve seen what makes good companies succeed and bad companies fail. I’ve seen how people get ahead…and how people get stuff. (Ryan Holiday)

• How Amy Poehler’s ‘Good Hang’ broke through celebrity podcast fatigue: The market was saturated with stars chatting with other stars. But the ‘SNL’ veteran channeled the old magic of late-night TV talk shows. Now she’s a favorite in a new Golden Globe category. (Washington Post)

• Trump: The Anti-Lincoln: On emergency power, constitutional preservation, and the regime crisis now unfolding. (Notes from the Circus)

• A New Bridge Links the Strange Math of Infinity to Computer Science: Descriptive set theorists study the niche mathematics of infinity. Now, they’ve shown that their problems can be rewritten in the concrete language of algorithms. (Wired)

• Inside the Lost ‘Star Trek’ Movie That Would Have Rebooted Kirk and Spock at Starfleet Academy:  How this bold prequel plan unraveled amid studio politics, fan backlash and cast fears. (Woman’s World)

Be sure to check out our Masters in Business interview this weekend with Ben Hunt, founder of Perscient, a firm that studies how narratives and stories shape markets, investing, and social behavior through the lens of information theory, game theory, and unstructured data analysis. His work analyzes the language, story arcs, and viral spread of explanations in media

 

The US ended the year with an effective tariff rate of more than 10% — the highest since WW2

Source: Financial Times

 

 

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My end-of-week morning train WFH reads:

• Even Permabears Have Portfolios. Where Jeremy Grantham Sees Value Now. The veteran investor and co-founder of GMO likes quality stocks, international value, and Japan. (Barron’s)

• Beauty Has Never Been More Cutthroat. Here’s How Sephora Plans to Stay on Top. Executives at the LVMH-owned retailer offer a rare look inside the company’s strategy. (Wall Street Journal)

• More Than 1,000 Companies Are Suing Trump Over His Tariffs. Companies are flocking to challenge the administration’s import taxes in court, after the Supreme Court started asking tough questions. (Bloomberg)

• The data center rebellion is here, and it’s reshaping the political landscape: As the buildout of AI infrastructure alarms communities, it is fast emerging as a potent electoral issue across the political divide. (Washington Post)

• 25 Lessons on Money and Meaning: Notes from everything I’ve learned so far about the deeper forces behind our financial lives (The Root of All)

• Rubio Has Long Dreamed of Changing Latin America. Embracing MAGA Opened the Door. Once a Trump critic, the secretary of state has become one of the president’s closest advisers. (Wall Street Journal) see also Dateline: Caracas: Venezuela’s Democratic Roots Deeper Than Trump Knows (or Cares) (Intrinsic Value by Roger Lowenstein)

• AI and the Human Condition. OpenAI may or may not be the most important company of the future. From the day it was founded — with a non-profit corporate structure that sought to build AGI and then control it themselves “to ensure artificial general intelligence benefits all of humanity” — this company has divided the audience and invited either passionate support or aggressive eye-rolls. (Stratechery)

• The most volatile group of voters is turning on Trump: There’s a new line dividing young Americans. (Vox) see also Is the Future of MAGA Anti-Israel? For 40 years, Christian Zionism was a powerful force in American politics. A new generation on the right is taking cues from elsewhere. (New York Times)

• Among the Prophets: Science fiction and the art of prediction. (The Baffler)

• Terrence Malick’s Disciples: Why the auteur is the most influential director in Hollywood (The Yale Review)

Be sure to check out our Masters in Business interview this weekend with Ben Hunt, founder of Perscient, a firm that studies how narratives and stories shape markets, investing, and social behavior through the lens of information theory, game theory, and unstructured data analysis. His work analyzes the language, story arcs, and viral spread of explanations in media

 

U.S. Dollar is slumping vs other currencies; 2025 was the biggest decline since 2017

Source: The Bulwark

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My morning train WFH reads:

• The Great Credit Convergence: How public and private credit are now one market (Paul Kedrosky)

• The Emperor’s New Oil Wealth: You may have heard that Venezuela has the world’s largest oil reserves — 300 billion barrels. You probably don’t know that Venezuela’s reported oil reserves tripled while Hugo Chavez was president. This increase, from roughly 100 billion to 300 billion barrels, didn’t reflect major new discoveries or exploration — it reflected the Chavez government’s decision to reclassify the country’s Orinoco Belt heavy oil as “proved.” It is not… (Paul Krugman) see also On the Legality of the Venezuela Invasion: Executive branch precedents can be garnered to support the action—which does not, of course, mean that it is lawful. (Executive Functions)

• A tale of two Ralphs — Lauren and the supermarket — shows the reality of a K-shaped economy: Wealthy shoppers browse Ralph Lauren on Rodeo Drive while struggling consumers hunt for bargains at Ralphs grocery, revealing America’s stark wealth divide this holiday season. The K-shaped economy shows high-income households thriving with rising pay and asset gains while lower-income families squeeze budgets amid inflation and stagnant wages. (Los Angeles Times)

• America Is Falling Out of Love With Pizza: Restaurant chains explore strategy changes as sales slow for food-delivery mainstay. (Wall Street Journal)

• A Risk of Cognitive Convenience: What ChatGPT and GPS have in common. (Range Widely)

• Disgust Over Jan. 6 Is No Longer Bipartisan. The aftermath of Jan. 6 made the Republican Party even more feckless, beholden to one man and willing to pervert reality to serve his interests. Once Mr. Trump won election again in 2024, despite his role in encouraging the riot and his many distortions about it, it emboldened him to govern in defiance of the Constitution, without regard for the truth and with malice toward those who stand up to his abuses. (New York Times) see also Five years later, these 10 corporations still aren’t funding election deniers. On January 6, 2021, a violent mob stormed the Capitol building. Following the attack, over a hundred major companies released statements condemning the insurrection and promising to stop donating to the 147 members of Congress who voted to overturn the 2020 election, or to halt all political donations entirely. (Popular Information)

• Why Trump wants Greenland and what’s standing in his way: Denmark’s leader warned that any use of force by Washington to seize Greenland, as Trump officials have suggested, would render the postwar NATO alliance defunct. (Washington Post)

• Millions of Kids Are on ADHD Pills. For Many, It’s the Start of a Drug Cascade. Powerful psychotropic drugs are often the next step, even though their combined effects in young children haven’t been studied closely. ‘I was living in a body hijacked by the medication.’ (Wall Street Journal)

• Nine science-backed ways to help you feel better in 2026. From channelling your anger to writing lists and singing more often – here are some science-backed tips to boost your wellbeing. (BBC) see also The New Rules Of Good, Deep Sleep Will Help You Feel More Rested And Energetic: Spoiler: Quality may be more important than quantity. (Women’s Health)

• The Worst Shot Ever Taken: The author and his closest basketball confidantes undertake a formal analysis of Steph Curry’s shot at the Paris Olympics as art object (The Believer)

Be sure to check out our Masters in Business interview this weekend with Ben Hunt, founder of Perscient, a firm that studies how narratives and stories shape markets, investing, and social behavior through the lens of information theory, game theory, and unstructured data analysis. His work analyzes the language, story arcs, and viral spread of explanations in media

 

Why Trump wants Greenland and what’s standing in his way

Source: Washington Post

 

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How did a layoff lead to a revolution in financial data? Mike Bloomberg shares the story behind the Bloomberg Terminal, lessons from serving as NYC Mayor, and his philosophy on risk-taking and leadership:

Step inside Bloomberg’s New York headquarters for a conversation with the man who built it all. Nicolai Tangen sits down with Michael Bloomberg to explore his journey from Wall Street to founding Bloomberg LP, his approach to leadership and risk-taking, and the values that fuel his extraordinary philanthropic work. Bloomberg shares stories of creating the Bloomberg Terminal, transforming New York City as mayor, and why he still works almost every day at 83. An insightful look at a life devoted to building, improving, and giving back.

I have been trying to get Mike on MY Podcast now for many years, but he is reluctant to show up on his own air…

 

 

 

 

 

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My morning train WFH reads:

• Behind every influencer is an army of the influenced, many adrift in debt and mass-produced clutter. The platforms need influencers and influencers need audiences — but what the influenced need is not so simple. (The Verge)

• Was Venezuela an Inside Job? All the questions and conspiracy theories you have about America’s hottest new invasion. (The Bulwark) see also Months in planning, over in two and a half hours: how the US snatched Maduro: The operation to capture the Venezuelan president and his wife involved at least 150 aircraft, months of surveillance – and reportedly a spy in the government. (The Guardian)

• New Car Sales Are Rising Thanks to Purchases by the Well-Off: A larger proportion of new cars are being bought by affluent Americans as prices and interest rates for auto loans climb, analysts said. Families with a household income of $150,000 a year or more now buy 43 percent of the new cars sold in the country, up from one-third of all cars sold in 2019 before the Covid-19 pandemic. (New York Times)

• Why the ‘starter home’ feels so out of reach in today’s housing market: Concepts about starter homes seem inconsistent with today’s prices and expansive floor plans, leaving many first-time homebuyers with few options. (Washington Post)

• Everything Elon Musk promised in 2025, but didn’t deliver: Musk is now infamous for his false promises, but even this is excessive.
(Mashable)

• One Generic Cancer Drug Costs $35. Or $134. Or $13,000. Hundreds of hospitals across the US are marking up old cancer treatments — in some cases hundreds of times what Medicare pays. (Bloomberg)

• Supreme Court Increasingly Favors the Rich, Economists Say: A new study found that the court’s Republican appointees voted for the wealthier side in cases 70 percent of the time in 2022, up from 45 percent in 1953. (New York Times) see also Ruling for the Rich: the Supreme Court over Time (NBER)

• The Genius Whose Simple Invention Saved Us From Shame at the Gas Station: On a rainy day in Detroit, a Ford engineer got confused, then soaked—and inspired. It took decades before he got any credit. (Wall Street Journal)

• After Watergate, the Presidency Was Tamed. Trump Is Unleashing It. In the 1970s, Congress passed a raft of laws to hold the White House accountable. President Trump has decided they don’t apply to him. (New York Times)

• Finnish children learn media literacy at 3 years old. It’s protection against Russian propaganda. The battle against fake news in Finland starts in preschool classrooms. (AP News)

Be sure to check out our Masters in Business interview this weekend with Stephanie Drescher, Apollo’s Chief Client and Product Development Officer. She oversees everything from the global wealth business to portfolio management, product development, and client marketing. She is a member of the firm’s leadership team. Since 2020, Barron’s has named her annually to its list of the 100 Most Influential Women in U.S. Finance.

 

Dollar’s steepest annual drop for almost a decade

Source: Financial Times

 

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