Midday Briefing — June 5, 2026

Senate Funds ICE. The Senate passed a bill to fund ICE for 3 years, without a Department of Justice fund ban. This vote funds ICE for the rest of Trump’s term, according to related coverage. The Senate's action on immigration enforcement extends through 2029.

Labor Market Growth. The U.S. economy added 172,000 jobs in May, indicating a pickup in the labor market. This job growth shows market resilience despite the Iran war. The strong hiring data has fueled bets on a Fed rate hike.

Federal Reserve Outlook. Stocks and bonds fell as the jobs report boosted expectations for Fed-hike bets. U.S. hiring surged in May, leading to increased speculation about a 2026 Fed hike. The dollar also rose in response to the jobs data, which strengthened Fed rate-hike expectations.

FDA Reviews Abortion Drug. The FDA is reviewing the safety of the abortion drug mifepristone. The agency is moving ahead with a safety study of the abortion pill. This review by the FDA focuses on the continued safety of mifepristone.