Insights: Policy

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

In the coming weeks, House Republicans are planning to take the first steps on their “reconciliation” (tax/spending) legislation, with different committees voting on the individual components of the bill for which they are each responsible. Speaker Johnson continues to say he wants to have the reconciliation bill enacted into law by the end of...

With Republicans having passed their budget resolution, the reconciliation process (whereby the party will seek to enact, on a partisan basis, large-scale tax/spending legislation) is moving to a more advanced/granular stage. As such, debate around possible Medicaid cuts is intensifying. This week, 12 moderate/swing-district House Republicans...

Recent/upcoming developments… President Trump has repeatedly indicated an intent to impose tariffs of 25% on pharmaceutical inputs, including in his address to Congress where he laid out his policy agenda. While Trump has been alone in expressing concern about tariffs in sectors such as autos, China hawks have for the last year or so called...

President Trump has signed a wide-ranging executive order (EO) aimed at addressing various issues relating to prescription drug pricing.

Financials, Macro

China Capital Flows & Restrictions

Treasury Secretary Bessent said in recent days that “everything is on the table” in response to a question about whether the administration would consider de-listing Chinese securities from U.S. exchanges. Doing so has been actively considered by policy makers since President Trump’s first term, alongside other possible restrictions on capital...

Medicare Inpatient Psychiatric Facility (IPF) Reimbursement

As part of the FY26 IPF proposed rule, CMS is proposing to increase IRF payments by 2.4% ($70m) relative to FY25.