1. Trump’s 10% global tariff took effect under Section 122 of the 1974 Trade Act, with the administration signaling a possible increase to 15%.

• At the 10% rate, the new tariff plan falls short of replacing IEEPA-based tariffs.

2. The Conference Board consumer confidence index rose to 91.2, beating expectations, with January’s figure revised higher. The increase was driven entirely by a rebound in the expectations component, while the present situation index declined slightly.

• The “jobs hard to get” less “jobs plentiful” spread ticked down, but remained near the highest level since early 2021.

3. The weekly ADP employment report pointed to a further acceleration in hiring.

4. The Redbook index of same-store sales continued to show solid growth.

5. Home prices continue to inch upward, according to Case-Shiller indices.

• The FHFA House Price Index rose by less than expected, but still marked a new record high.