No signal changes this week. However, the US economy will likely get a boost in the long term from the Supreme Court decision last week in its ruling on the Clean Air Act, which rested on the concept of the “major questions doctrine.” At its core, the Court turned the responsibility for regulation back to Congress, versus agency staff. Many economists feel that the economic resurgence of the 1980’s was due in part to Reagan era policies that reduced regulation. Fiscal policy of late has become “finger in the dike” versus major initiatives like Build Back Better.
Bob Bilkie, CFA