10 Monday AM Reads

Key Points:

• A three-judge panel of the U.S. Court of International Trade ruled that former President Trump’s 10 percent global tariffs are unlawful, stating they exceeded presidential authority; this decision is under appeal and could reshape executive trade powers.
• Despite ongoing inflation concerns, long-term inflation expectations remain stable, preserving the Federal Reserve’s credibility for now, though this stability offers less reassurance to gold investors.
• Jason Zweig explains that cognitive biases make stock-market bubbles difficult to detect until they burst, as rising share prices create false confidence about future market trends.
• Billionaires’ outrage over New York’s pied-à-terre tax plan is less about the tax itself and more about feeling personally targeted, especially after high-profile property purchases drew public attention.
• The CIA assesses that Iran can endure a U.S. blockade of the Strait of Hormuz for months, contradicting White House expectations, and notes Iran’s significant missile and drone capabilities remain intact.