Before we get to our analysis below, we are hosting a trade conference call tentatively set for 11:00 am ET next Wednesday, July 30 with a leading trade specialist, Derek Scissors. Look for a conference…

We hosted former Bureau of Labor Statistics (BLS) commissioner Bill Beach on a conference call yesterday to discuss the recent firing of Erika McEntarfer, President Trump’s new candidate for the position, and whether investors can…

With California’s legislature coming back Monday from its summer recess for its final few weeks of the regular session, pharmacy benefit manager (PBM) legislation is still on the docket and likely to invite headline risk…

We think the Senate is likely to remain in Republican hands after the 2026 mid-term elections, though with GOP at risk for losing seats, which could have implications for financial markets. We continue to view…

With slightly more than two weeks left in CMS’s comment period for the CY26 Medicare reimbursement proposal rule for home health [PNTG, EHAB, BTSG, ADUS, AVAH, AMED, UNH], we continue to expect mitigation from CMS’s…

With President Trump demanding “binding commitments” from drug manufacturers to offer Most Favored Nation (MFN) pricing by Sept. 29, we outline company-specific revenue risks and our expectations for an eventual regulatory proposal in 4Q25 /…

In our view, if President Trump insist, we believe that Stephen Miran can be confirmed by the Senate before the September 17 Federal Open Market Committee (FOMC) meeting. While the market already anticipates that the…

While we are a more than a year away from the mid-term elections, we offer our early view about which party might control the House after next November. Our bottom line: we expect the House…

With the August recess in full swing for the next few weeks, the various healthcare-related legislative items on Congress’s to-do list (see below) remains lengthy for the rest of the calendar year. We are still…

We have the following takeaways on trade and tariffs regarding President Trump’s interview on CNBC this morning. While Trump mentioned that he would raise tariffs on India over the next 24 hours since India continues…

Medicare’s final FY26 payment regulations for hospices [CHE, AMED, ADUS, PNTG, BTSG, Gentiva, Compassus, Elara], inpatient rehab facilities (IRFs) [EHC, SEM], and inpatient psych facilities (IPFs) [UHS, ACHC] aligned with expectations for: 1) slightly higher aggregate spending…

Medicare’s final FY26 payment regulations for inpatient hospitals [HCA, THC, CYH, ARDT, UHS, MPW, municipal bond-backed facilities], long-term care hospitals (LTCHs) [SEM, Kindred], and skilled nursing facilities (SNFs) [ENSG, PACS, Providence] with implications for their post-acute…

With the August 1 tariff deadline tomorrow, we have the following takeaways from our trade and tariff conference call that we held yesterday morning with Derek Scissors. A transcript is available upon request. Takeaways Derek…

This morning’s Senate Appropriations Committee’s markup of the FY26 Labor / HHS funding bill, which includes a $400M increase (+0.8% YoY) for NIH, should serve as an interim clearing event for life science tools (LST)…

Against the backdrop of positive Q2 earnings, upward full-year guidance, and voiced confidence in the ability to manage the medical cost and utilization trends throughout 2H and into next year, we think the recently refiled…