Macro / Misc.

We expect the administration to release a proposed rule in December to repeal or amend the Biden-era EPA27 light-, medium-, and heavy-duty vehicles standards, with a full repeal appearing more likely (65%) at this point. …

Today we examine five market-relevant issues, including: Prospects for a highway bill next year [VMC, MLM, NUE, CX, CAT, DE, PSN, URI] Likelihood of permitting reform, which could accelerate infrastructure development, including utilities and energy…

We want to highlight three developments relevant to the defense sector:   Potential positive news for the sector this week, as the Senate could vote as early as today to begin consideration of the Defense Appropriations…

Congress is in session this week before adjourning for the Thanksgiving holiday. Although lawmakers just passed legislation to keep the government open, there is already renewed concern about another potential shutdown on January 31, when…

Both the House and Senate will very likely be in session this week, with the government shutdown seemingly on the verge of ending later this week. In addition, President Trump has reiterated his desire to…

We continue to give ~60% odds that the Trump administration sees a partial loss in the International Emergency Economic Powers Act (IEEPA) case, which will be argued before the Supreme Court (SCOTUS) tomorrow. However, as…

We see three topics that will be front and center in Washington this week: The government shutdown, which we believe will end this week. Tuesday’s gubernatorial elections in New Jersey and Virginia and the redistricting…

With President Trump in Asia and trade agreements expected between the U.S. and various countries, including at least a narrow deal with China, we held a conference call yesterday with trade expert Dr. Derek Scissors. …

This week’s main policy focus will be on: 1) trade; 2) the Fed’s decision on interest rates, where a 25-bps cut is widely anticipated on Wednesday; and 3) the government shutdown. President Trump is in…

We continue to see a few positive developments for the farm complex and Secretary of Agriculture Brooke Rollins’ comments late yesterday that the administration was going to provide $3 billion in aid to farmers from…