Pathway Advisory Group - Stifel

Federal Reserve Chairman Jerome Powell's decision to remain on the Federal Reserve Board carries political risk for the Trump administration and the banking industry. If Powell does not resign from the Board by the end of 2026 and if control of the Senate flips to the Democrats, then President Trump might find himself unable to fill the seat for the remainder of his term. In the latest Potomac Perspective, Brian Gardner, Stifel's Chief Washington Policy Strategist, discusses why that has implications for the administration's bank regulatory agenda.

Read the full piece here: https://livesocial.seismic.com/a9I6IW

In the latest Potomac Perspective, Brian Gardner, Stifel's Chief Washington Policy Strategist, examines two major policy developments shaping this week in Washington: Kevin Warsh's confirmation hearing and the Senate's progress on a reconciliation bill.

Read more in Potomac Perspective: https://livesocial.seismic.com/aIaiCS

In the latest Potomac Perspective from Brian Gardner, Stifel's Chief Washington Policy Strategist, we explain that Trump cannot easily replace Powell until Warsh is confirmed. They also doubt the president can remove Powell as the Federal Open Market Committee Chair.

Read more in Potomac Perspective: https://livesocial.seismic.com/aU8jxC

"It's a bright spot on the moon, and we would like to call it Carroll."
– Artemis II astronaut Jeremy Hansen on naming a moon crater after the mission commander's wife, who passed away in 2020.

For more information on this and to read the full piece, click here: https://livesocial.seismic.com/a6RVIS

The 2026 primary season is in full swing, so it's time to take our first look at the midterm elections. The House is likely to flip to the Democrats. In the Senate, Republicans are currently favored to keep the Senate, but a shift in voter sentiment in key states could flip that chamber, too.

Click here to read more in Potomac Perspective from Brian Gardner, Stifel's Chief Washington Policy Strategist: https://livesocial.seismic.com/aZM10f

A second reconciliation bill might be back on the table as Republicans figure out how to approve additional funds for defense and reopen the Department of Homeland Security. If Republicans pursue reconciliation, then additional tax cuts could also be on the table. So could offsets. In anticipation of upcoming negotiations over a reconciliation bill, we list a few "pay-fors" that might be floated. Even if these proposals are not adopted, investors should expect increased headline risk in the coming weeks and months.

Click here to read more in Potomac Perspective from Brian Gardner, Stifel's Chief Washington Policy Strategist: https://livesocial.seismic.com/aIPmy1