Midday Briefing — June 1, 2026

DOJ Fund Standoff. Senate Democrats, led by Schumer, plan to force Senate votes to block Trump's DOJ 'lawfare' fund. This action is part of a broader campaign to kill the DOJ's "anti-weaponization" fund, which has stalled the GOP agenda in Congress. Tensions between Republicans and the White House over this fund remain unresolved, with Schumer promising a litany of actions to halt it. The legislative push highlights ongoing political friction regarding the fund's purpose and allocation.

Federal Reserve Warnings. Jerome Powell warned against political pressure on the Fed, courts, and schools during an award speech. This warning comes as a bond trader bets on a Fed hike that is poised for a gut check from upcoming jobs data. Trump also faces a new inflation warning from the bond market, adding to midterm challenges. The Fed's independence remains a key concern amid economic and political developments.

Supreme Court Action. The Supreme Court has taken up another case concerning the First Step Act, brought by an inmate. This marks a continued focus by the Court on issues related to the First Step Act. The decision to hear this case indicates ongoing judicial review of federal sentencing and prison reform legislation.

US National Security. The US killed 3 in a fourth strike on an alleged drug boat in a week. This series of strikes has targeted what officials describe as "narco-terrorists." Separately, Iran halted ceasefire talks with the US and stated it will keep the Strait of Hormuz closed, leading to a 7% jump in global oil prices to over $97 a barrel. These actions underscore ongoing US national security operations and international tensions.