Morning Briefing — June 8, 2026

Congressional Action. Congress is working on reconciliation 2.0 and FISA. The GOP is planning a third reconciliation bill as midterm elections approach. The Freedom Caucus is also set for a revamp as members depart Congress.

Treasury and Economy. The Treasury intends to use Iranian assets to help Gulf allies rebuild. Bonds have dropped as Israel-Iran strikes raise inflation fears. Treasuries also dropped due to jobs data and Iran tensions, fueling rate hike bets.

Los Angeles Mayoral Race. The Los Angeles mayoral race is narrowing, with Nithya Raman and Spencer Pratt in a tight contest to make the runoff. Raman has overtaken Pratt in the vote count, but the race remains uncalled. The race has also narrowed to Bass and Raman, with Pratt's loss.