Big morning. A lot just happened at once, so let me catch everyone up. GDP and PCE dropped simultaneously. These reports were delayed from the government shutdown, so we got them all at once today. GDP came in at 1.4% annualized for Q4. That's a big miss... consensus was around 2.5-3%. The shutdown clearly dragged on the number. Personal consumption slowed to 2.4% from 3.5% the quarter before. The headline looks ugly, but the underlying demand picture is still intact. Final sales to private domestic purchasers rose 2.4%. The economy didn't fall off a cliff. The shutdown just made it look that way. The problem is inflation. Core PCE, the Fed's preferred gauge, came in at 0.4% month over month. Biggest monthly jump in nearly a year. Year over year it's now at 3%. Goods up 0.4%, services up 0.3%. Broad-based. Not what the Fed wanted to see. So you've got weaker growth and hotter inflation in the same print. That's the stagflation mix nobody wants. Art Hogan at B. Riley called it a "messy message." That's putting it politely. Then the Supreme Court dropped a bomb. 6-3 ruling striking down Trump's IEEPA tariffs. The reciprocal tariffs, the Canada/Mexico/China fentanyl tariffs... gone. The court said IEEPA doesn't give the president authority to impose tariffs. That power belongs to Congress. This is the biggest legal loss of Trump's second term so far. $175 billion in tariff revenue is now at risk according to Penn-Wharton. The administration says they'll try to reimpose through other legal channels, but those paths are slower and more complicated. Markets loved it. The S&P flipped from red to green within minutes of the ruling. We went from down on the GDP/PCE mess to squeezing higher on the tariff news. The dollar jumped. The logic is straightforward... removing tariffs means lower consumer prices, less inflationary pressure, and potentially a clearer path for the Fed to eventually cut rates. But let's not get carried away. The Fed is still stuck. Three cuts in late 2025, a pause in January at 3.50-3.75%, and now a 3% core PCE print telling them they were right to stop. The FOMC minutes from last month showed some officials even floated the idea of raising rates if inflation stays hot. The tariff ruling helps on the margins, but it doesn't fix the inflation problem overnight. Iran is still in the mix too. Trump gave them 15 days to make a deal, military assets are piling up in the region, and Brent is near a six-month high. And $3 trillion in options expire today... largest February expiration on record. On our end, momentum is improving. Our last scan has the S&P and Nasdaq both reading yellow. Not green yet, but heading in the right direction. Russell is still lagging, but the cap-weighted score is improving considerably. Our top five screamers over the last week and month all carry high conviction right now. We follow the numbers. This is a tricky market. Sometimes up means down and down means up. That's exactly why we look to the data rather than guess. Stay sharp out there.