The U.S. Supreme Court has indicated that it may release opinions on Wednesday around 10 a.m. Eastern, sparking fresh speculation that the justices’ ruling in a crucial tariff case is close to hitting.

There were similar expectations this past Friday, but the decision didn’t come on whether President Donald Trump exceeded his authority in using the International Emergency Economic Powers Act of 1977 to justify a wide swath of his tariffs.

So analysts are emphasizing that Chief Justice John Roberts and his colleagues could keep holding off on releasing their ruling on Trump’s IEEPA tariffs.

“The Supreme Court follows its own timeline,” said Evercore ISI analysts led by Sarah Bianchi, in a note. “However, we are looking for a decision in the near term, as the court knows the importance of this decision.”

If the high court doesn’t deliver a ruling on the tariff case by the end of February, that probably is a good sign for Trump and other supporters of the import taxes, according to Evercore’s analysts.

“If we get into the late February period or beyond, then it becomes less likely the court will rule against the administration, given the timeliness and fiscal impact of this issue,” they said. But for now, they continue to predict that Trump is likely to lose the case, though the administration will be ready to replace most of the IEEPA tariffs through other authorities. For example, he used a different law to impose import taxes on steel, aluminum, lumber and other sectors, and those sector-based tariffs are not getting addressed in this case.

Other analysts also have said it’s a good omen for Trump if the Supreme Court keeps holding off on releasing its decision.

“Legal experts continue to expect the Supreme Court to rule against the use of emergency powers (IEEPA) to authorize tariffs, but note that each week the Supreme Court delays its decision increases the likelihood of the Trump administration prevailing,” said Amy Ho and Joyce Chang of J.P. Morgan, in a note.

In addition, delays into February could mean the Supreme Court is viewing the matter as a “blockbuster case” on par with its consideration of the Affordable Care Act, according to Ho and Chang. The court historically “reserves its most impactful decisions for the end of its term in June, which allows for extended deliberation,” they said.

“We note that decisions in both Supreme Court cases on the Affordable Care Act were issued in June,” the J.P. Morgan analysts added.

What the ruling could mean for markets

Market strategists have been divided on what the court’s much-anticipated decision would mean for stocks, as MarketWatch has reported.

Some forecasters have said tossing out the IEEPA tariffs would mean more uncertainty, which would weigh on stocks, while others have said eliminating the import taxes would boost both economic growth and equities.

Another important factor will be what justices say about possible refunds of tariffs if they rule against Trump. Analysts have said that’s crucial for the bond market, given that rating agency S&P maintained its rating for U.S. sovereign debt with a stable outlook in part because of incoming tariff revenue.

The likelihood of the Supreme Court ruling in favor of Trump’s tariffs dropped in the wake of oral arguments on Nov. 5, as some conservative justices’ questions for Trump’s attorney were viewed as especially skeptical. One betting market, Kalshi, recently was giving a 32% chance for such a ruling, while Polymarket put the chances at 28%.

Opponents of Trump’s IEEPA-based tariffs have emphasized that the law doesn’t explicitly mention tariffs in its text, and that no president has ever used IEEPA to impose tariffs. Trump has defended the tariffs repeatedly and claimed that the U.S. economy would be hurt significantly if the Supreme Court were to strike them down. He reiterated that stance in a social-media post on Monday, while voicing concerns about the potential for tariff refunds. Analysts are anticipating scenarios in which the court rules against Trump’s tariffs and calls for big refunds to importers, along with outcomes in which refunds aren’t required.

“The actual numbers that we would have to pay back if, for any reason, the Supreme Court were to rule against the United States of America on Tariffs, would be many Hundreds of Billions of Dollars, and that doesn’t include the amount of ‘payback’ that Countries and Companies would require for the Investments they are making on building Plants, Factories, and Equipment, for the purpose of being able to avoid the payment of Tariffs,” Trump said.

“It would be a complete mess, and almost impossible for our Country to pay,” he added.