TariffsFeb. 22, 2026 9:06 AM ETS&P 500 Index (SP500), SPX, DJI, NDX, SPY, DIA, QQQ, IVV, VOO, IWMLawrence FullerInvesting Group LeaderCommentsSummaryRecent economic data signals a mid-cycle slowdown, with Q4 GDP growth at 1.4% and inflation accelerating unexpectedly.Tariff policy remains volatile: a Supreme Court ruling briefly lowered tariff rates, but a new 10% tariff was quickly imposed, maintaining uncertainty.Consumer spending growth is decelerating as inflation rises, with durable goods prices notably impacted by companies passing on tariff costs.Despite tariff headwinds, AI-driven capital spending and fiscal stimulus should offset pressures in 2026, though the 2027 outlook depends on evolving trade policy.This idea was discussed in more depth with members of my private investing community, The Portfolio Architect.