10-Year Treasury Yield Rises as Supreme Court Questions Trump’s Tariff Authority
The 10-year Treasury yield climbed 6.4 basis points to 4.155% as the Supreme Court signaled skepticism toward former President Trump's use of emergency powers to impose tariffs. Three hours of oral arguments cast doubt on whether the International Emergency Economic Powers Act grants unilateral authority for such trade measures. A ruling against TRUMP could force the U.S. to refund billions in tariff revenue and potentially trigger a rotation from bonds to equities.
Market participants simultaneously digested robust economic data, with October's ADP payrolls exceeding estimates by 12,000 jobs—the first positive reading since July. The education and health sectors led the gains, suggesting underlying economic resilience despite trade policy uncertainties.
