2026-06-30
Supreme Court rules birthright, sports, party spending. Fed sees rate hikes next year.
Good afternoon. The Supreme Court handed down five major decisions on Tuesday — birthright citizenship, transgender athletes, campaign finance, and deportation protections — while JPMorgan's Michele flagged the Fed raising rates once or twice in 2027.
Lunch Brief
Two highly anticipated decisions that rank high on the Trump administration's policy agenda. The outcomes will ripple through federal law and state authority for years.
States can constitutionally prohibit. Conservative majority concurred. The decision arrived without a full context statement in the draft, but the ruling stands.
Federal caps on party-committee coordination with candidates are gone. Party committees just got a major win heading into the midterms. Campaign finance just rewrote itself.
Decision unwinding protections for Haitians and Syrians signals trouble for all temporary protected status recipients, regardless of origin. The Trump administration has been chipping away at TPS for months.
Justice Gorsuch's concurrence in the FTC ruling suggests the Court is preparing sweeping challenges to independent federal agencies. The administrative state just got more exposed.
States have constitutional power to ban the participation of transgender athletes in sex-separated sports. Kavanaugh authored for the conservative majority. Both sides spent the afternoon on Twitter.
GOP push to strip the three-day absentee ballot window failed at SCOTUS. Trump wants to fight anyway. The president remains itching.
Former Alabama Chief Justice Moore lost his bid to collect damages over a 2017 Democratic campaign ad. His 2017 Senate run remains a legal liability.
"Standard noise. Calibrate accordingly."
"Quiet day. He's probably golfing."
Supreme Court reshaped elections, sports, and campaign money. Markets watched the Fed outlook.
Back at 6:00 PM ET with the night owl brief.