{"id":84099,"date":"2026-02-24T11:11:00","date_gmt":"2026-02-24T19:11:00","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=84099"},"modified":"2026-02-24T11:11:00","modified_gmt":"2026-02-24T19:11:00","slug":"weekly-economic-update-february-24-2026","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/weekly-economic-update-february-24-2026\/","title":{"rendered":"Redfin Economists\u2019 Weekly Take: Trade Policy, State of the Union Take Center Stage"},"content":{"rendered":"

This Week In A Nutshell: <\/b>The White House\u2019s response to the Supreme Court invalidating President Trump\u2019s tariffs under the International Emergency Economic Powers Act and Tuesday\u2019s State of the Union address will dominate this week. There\u2019s little economic data coming down the pipeline.<\/span><\/p>\n

Upcoming Attractions<\/b><\/h3>\n

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We are unlikely to see large market movements this week resulting from economic data or Fed news, though a slew of officials are slated to speak. Markets will likely be focused on <\/span>further details<\/span><\/a> from the White House on trade policy. Last week\u2019s <\/span>Supreme Court ruling<\/span><\/a> was not surprising, but much is uncertain about the path forward. The president may provide more information in Tuesday\u2019s State of the Union address. He could also use the opportunity to announce new initiatives aimed at combating affordability issues, particularly in housing.<\/span><\/p>\n

Last Week\u2019s Highlights<\/b><\/h3>\n

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Rates remained mostly unchanged last week, though the Supreme Court finally issued their long-anticipated decision on the International Emergency Economic Powers Act (IEEPA) tariffs implemented last year. The ruling has been widely expected since the fall, when the court heard oral arguments. The White House\u2019s response to essentially recreate the IEEPA tariffs using alternative means has also been essentially what analysts expected.<\/span> Elsewhere,\u00a0<\/span><\/p>\n

FOMC minutes indicated that, consistent with the market\u2019s expectations, the Fed is in no hurry to cut rates. In fact, there was a slight tilt toward the possibility of hiking rates. Finally, GDP data for the fourth quarter disappointed relative to expectations, but a lot of drag came from the lengthy October government shutdown. Economic growth is expected to rebound in 2026.<\/span><\/p>\n

Diving a Little Deeper<\/b><\/h3>\n

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What happens now with tariffs, and how will it affect housing? The bottom line: the macroeconomic and financial market impact of this ruling should be limited because the overall average effective tariff rate won\u2019t change much. The White House can easily pivot to other mechanisms for implementing the desired tariffs. However, the tariff rates faced by specific countries and products may shift around significantly, creating a new set of winners and losers.<\/span><\/p>\n