This Week in Business Fed Leadership, Rate Cuts, and Geopolitical Risks Ahead
Feb 27, 2026
Jeremy Siegel, Professor Emeritus of Finance at Wharton and senior economist at WisdomTree, breaks down the Supreme Court tariff ruling and remaining presidential tariff powers. He discusses geopolitical risks from Iran, the potential impact of Kevin Warsh on Fed leadership, and his outlook on the timing and scale of future rate cuts.
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Supreme Court Limits But Leaves Trade Tools Intact
- The Supreme Court limited the president's tariff authority to Section 122 with a 15 percent maximum for many goods.
- Jeremy Siegel notes this reduces average proposed tariffs versus earlier AIPA plans but preserves other presidential trade powers like embargoes and Section 338.
Unspecified Refunds Create Legal Uncertainty
- The ruling left unresolved refund questions that could create prolonged legal uncertainty.
- Siegel warns refunds were not specified and litigation could stretch for months or years, increasing market uncertainty temporarily.
Treat Tariff Uncertainty As A Buying Opportunity
- Use tariff-driven market uncertainty as a buying opportunity rather than panic selling.
- Siegel expects final tariff outcomes similar to negotiated levels and believes markets should continue rising in 2026.