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In light of the successful—at least so far— Circle Internet Group (CRCL) IPO today, we wanted to offer an update on stablecoin legislation (S. 394, the GENIUS Act), which benefits CRCL and which we believe…

As we await the Senate’s likely release of its reconciliation measure over the next week or so, we continue to expect the upper chamber to smooth the edges around some of the House-passed reconciliation bill’s…

We continue to expect FY26 NIH funding to remain largely flat YoY, despite White House calls for a -40% cut weighing on life science tools (LST) names, with the House likely to produce its own…

Congress returns this week after its weeklong Memorial Day recess, and the Senate will work on the House-passed reconciliation bill in earnest behind the scenes while the stablecoin legislation, the GENIUS Act, will probably reach…

We have the following thoughts about the U.S. Court of International Trade (CIT) ruling against President Trump’s use of the International Emergency Economic Powers Act (IEEPA) to implement the reciprocal tariffs and how it might…

 We continue to believe that stablecoin legislation, known as the GENIUS Act (S. 1582) in the Senate, is likely to pass in that chamber in the next couple of weeks, creating a regulatory framework for…

The SNAP/food stamp program has been of focus lately as various states have filed for SNAP benefit waivers, and one, Nebraska, was granted approval for one. In addition, Republicans are looking to cut SNAP as…

Given Trump’s trade pronouncement on the EU and Apple (AAPL) today, we want to provide an update on trade and tariffs. We see a real potential for EU tariffs to go into effect at least…

After House passage of a slightly revised reconciliation / tax bill early this morning, our 75% odds that this bill becomes law jumps to ~85%, and some might argue that’s too low.  Simply put, if…

CMS’s announcement late Wednesday to turn the dial up on its risk-adjustment data verification (RADV) audits of Medicare Advantage (MA) contracts with an eye toward the entire landscape raises legitimate fears of recouping sizable past…