My back-to-work morning train WFH reads:

• Trade court rules Trump’s replacement tariffs illegal : A divided three-judge panel on the U.S. Court of International Trade concluded that Trump’s 10 percent global tariffs are unlawful. Same trade-court ruling, second take. Watch the appeal closely — this one could rewrite the playbook on executive trade authority. ( Politico ) see also Trade court strikes down Trump 10% universal tariffs : The U.S. Court of International Trade rules the across-the-board tariffs exceeded presidential authority. Markets noticed. ( Axios )

• The Nominal Anchor Still Holds : The Inflation Trauma Lingers, but the Fed’s Credibility Endures for Now. On why long-term inflation expectations remain remarkably stable despite the headline noise. Reassuring for the Fed; less so for the gold bugs. ( Macroeconomic Policy Nexus )

• Why It’s So Hard to Spot a Stock-Market Bubble : Jason Zweig on the cognitive traps that make bubbles invisible until they pop.…