# The Tariff Rotation

Page: https://stenobird.com/podcast/behind-the-markets-podcast-5498346/the-tariff-rotation
Text version: https://stenobird.com/podcast/behind-the-markets-podcast-5498346/the-tariff-rotation.md
Podcast: [Behind the Markets Podcast](https://stenobird.com/podcast/behind-the-markets-podcast-5498346)
Published: 2026-02-20T21:54:53+00:00
Episode link: https://soundcloud.com/user-20931378/the-tariff-rotation
Audio file: https://feeds.soundcloud.com/stream/2270450054-user-20931378-the-tariff-rotation.mp3
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JSON: https://stenobird.com/v1/public/podcasts/behind-the-markets-podcast-5498346/episodes/the-tariff-rotation
Duration seconds: 3994

## Resource

Show from 02/20/26 Host Jeremy Schwartz and Professor Siegel break down the latest GDP report, PCE inflation data and housing trends, with the Professor noting that fourth quarter growth was not as weak as headlines suggested once government distortions are adjusted for and that differences between CPI and PCE components explain the recent upside surprise in inflation. He emphasizes that the Supreme Court’s pending tariff ruling and rising tensions with Iran are far more important to markets in the near term than incoming economic data, expecting continued choppiness until there is clarity on both fronts. (9:08) Following the Professor’s departure, Jeremy is joined by Sam Rines, Chris Gannatti and Jeff Weniger to react in real time to the Supreme Court’s 6–3 decision striking down IEPA tariffs as illegal, discussing the implications for corporate refunds, margin expansion and sector rotation. The group examines geopolitical risks tied to Iran, the ongoing rotation into small caps and international equities, weakness in private credit and software, and valuation compression across mega-cap tech ahead of NVIDIA earnings. They also explore improving rental trends, sector leadership shifts toward value and cyclicals, and longer-term themes ranging from AI-driven physical automation to autonomous vehicles and global events like the World Cup as potential economic tailwinds. WisdomTree: https://www.wisdomtree.com/investments

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## Transcript

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