Lewis, Mertens, Stock Weekly Economic Index (WEI) is down 1.1 ppts, while Baumeister, Leiva-Leon, Sims Weekly Economic Conditions Indicator (for deviation from trend growth) is down 0.7 ppts.
Figure 1: Lewis, Mertens, Stock Weekly Economic Index (blue), and Baumeister, Leiva-Leon, Sims Weekly Economic Conditions Indicator for US (tan), all y/y growth rate in %. Source: NY Fed via FRED, WECI, accessed 10/31, and author’s calculations.
Speaking of tariffs, yesterday the Senate passed Joint Senate Resolution 88, “terminating the national emergency declared to impose global tariffs”:
https://www.congress.gov/bill/119th-congress/senate-joint-resolution/88/text
To become binding, the Resolution would also have to pass the House and to be signed by the felon-in-chief. The House is not in session because the Speaker is protecting pedophiles, so cannot vote on the Resolution.
The felon, who is the pedophile the Speaker most wants to protect, has responded that “The Administration strongly opposes S.J. Res. 88, which would terminate the national emergency that President Trump declared on April 2, 2025.” So a whole lot more votes would be needed, enough to overcome a veto, in order to legislate away the IEEPA tariffs.