Insights: Policy

Healthcare Extenders/Year-End Healthcare Legislation

Congress passed H.R. 6500, the Continuing Appropriations & Extensions Act of 2027 (CR). The measure funds the federal government through December 11, 2026, and averts a shutdown when FY27 begins on October 1. The CR does not include healthcare extenders or other extraneous healthcare provisions.

Tech / Media / Telecom

Semiconductor Tariffs

The Trump administration plans to impose tariffs on semiconductors with exemptions for companies that expand production in the U.S., an approach that they have already used with pharma tariffs. Reports suggest that the tariffs could cover semiconductors within finished products. The U.S. currently imposes tariffs on a narrow tranche of...

President Trump imposed 50% tariffs on ~$20b of Canadian goods and Canada responded with retaliatory tariffs after talks on a trade truce broke down between the two countries. Trump also pledged to increase tariffs on Canadian cars, trucks, and auto parts to 50% beginning on 1/1/27. The escalation came days after Trump claimed the two sides had...

Tech / Media / Telecom

Meta Settlement

Meta has agreed to pay up to $17.1b over 10 years and impose new default restrictions on Instagram and Facebook for users under 18. The proposed consent judgment with 47 states, D.C., and various territories resolves multistate child-safety claims without the company admitting liability. Texas announced a separate settlement of more than $1b,...

Elections, Energy, Financials, Healthcare, Macro, Tech / Media / Telecom

Election Update

Continued declines in President Trump’s already very low approval rating and ongoing voter concerns about the economy suggests that the probability that Democrats gain a House majority continues to rise and is now at ~80% (vs. our prior 75%). While the macro environment and historical midterm election trends give Democrats a significant...

President Trump announced the nomination of Heidi Overton to serve as Commissioner of the Food & Drug Administration (FDA).