Afternoon Briefing — June 4, 2026

Senate Fund Vote. The Senate defeated a plan by Senator Tillis to convert a $1.8 billion "anti-weaponization" fund into an "anti-fraud" fund. Three Republicans broke with the GOP during the vote to block the fund. Senators Cassidy and Booker have urged a judge to maintain a block on the $1.8 billion fund, calling it a "dire threat." The Senate also held a "vote-a-rama" on ICE funding and rejected a move to ban the DOJ fund.

May Jobs Report. The May jobs report is scheduled for release on Friday, with economists offering expectations for the monthly data. This upcoming report is not expected to help the Federal Reserve, according to JPM's Berro. The report will provide key insights into the current state of the economy and its potential impact on federal economic policy.

Arizona Election Case. The Arizona attorney general has relaunched a 2020 election case against allies of Trump. This development comes as Trump stated he will nominate Todd Blanche to serve as attorney general, though Senator Fetterman has indicated he is a "no" on Blanche for that role. The Arizona Supreme Court also denied a prosecutor appeal against sending a fake elector case back to a grand jury.

Supreme Court Rulings. The Supreme Court has backed the F.C.C.'s power to levy fines against cellphone carriers. In another ruling, the Court found that the S.E.C. can strip wrongdoers of illegal financial gains, even without proof of victim loss. The Court also signaled a limited role for federal courts in redistricting fights through an Alabama Ruling, and sided with the Trump administration on federal regulation of telecom companies.