Tariff Relief Meets Sticky Inflation; Farmland Enters the Frame

The featured commentary weighs the Supreme Court’s tariff ruling against firmer inflation and slower growth, while highlighting farmland diversification 

Weekly CIO commentary

• Core PCE rose 3.0% y/y; Q4 GDP slowed to +1.4% (vs +2.5% expected). Markets still price ~50bp of cuts by end-2026 as the curve shifts lower without steepening.

• Heightened volatility and rotation away from U.S. mega-cap growth argue for broader diversification.

• U.S. row crops delivered ~3.75% average income returns (2008–2025) with a Sharpe ratio of 3.31, offering inflation linkage and low stock/bond correlation.

Does real-asset income now compensate for policy ambiguity? The full note outlines portfolio implications.