🚀 Federal Reserve claims Trump's tariffs are raising prices

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Market Overview
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Year To Date Performances:

1. The Federal Reserve’s latest Beige Book report found that President Donald Trump’s tariffs are driving inflation higher as companies struggle between absorbing rising import costs or passing them onto consumers. While overall economic growth and labor markets have “changed little” since early September, the report noted that prices continued to rise across many regions, particularly due to tariff-related input costs. Some firms kept prices steady to remain competitive, while others fully passed costs on to customers. The findings come amid a three-week government shutdown that has delayed key economic data, even as consumer spending softened—except among higher-income earners who continued spending on luxury goods and travel.

2. A federal judge has temporarily blocked the Trump administration from firing federal employees during the ongoing government shutdown, ruling that the layoffs violated U.S. law. The decision by Judge Susan Illston came after the administration issued reduction-in-force notices to over 4,000 workers and publicly stated the cuts targeted “Democrat agencies.” Illston criticized the administration for using the shutdown as a pretext to sidestep legal protections, calling the move “arbitrary and capricious.” The ruling followed lawsuits filed by unions representing tens of thousands of federal workers, marking a major rebuke to what critics have described as a politically motivated purge.

3. President Donald Trump said he may attend Supreme Court arguments on November 5 in a case that could decide the legality of his sweeping tariff policies, calling it “one of the most important cases in the history of our country.” The case will determine whether Trump exceeded his authority under the International Emergency Economic Powers Act when imposing country-specific tariffs earlier this year. If he follows through, Trump would become the first sitting president to attend Supreme Court arguments, underscoring how central the outcome is to his protectionist trade agenda.

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