We were already set to get a lot of economic data, especially on the labor front, compressed into a short week, and now we have to digest a court ruling on tariffs. A federal appeals court ruled against (many/some/all?) tariffs imposed using an emergency law. The tariffs will remain in place while the case proceeds. It may go back to the lower court for another round, while also being pursued up to the Supreme Court. Nothing is “final” yet. We discussed a couple of weeks ago that tariff rebate claims were trading at 25 cents on the dollar. Presumably, those ... Forcing Yields Lower Across the Curve