•Who runs what: Donald J. Trump is the 47th U.S. president, with JD Vance as vice president. Republicans hold both chambers of the 119th Congress: a narrow majority in the House and a larger one in the Senate. Mike Johnson (R-LA) is Speaker; John Thune (R-SD) is Senate majority leader.[1]
•Where we are in the cycle: The Nov. 3, 2026 midterms are weeks away and will decide control of the House and roughly a third of the Senate; campaigns are in full swing.[2]
•Public mood and top issues: Voters remain sour on national conditions, with affordability (health care costs, prices) and the economy leading concerns; immigration also ranks highly. Democratic voter engagement has ticked up heading into the midterms. Trust in fellow voters and the system is notably low.[3]
•Policy landscape:
•Federal agencies: The Supreme Court’s 2024 Loper Bright ruling curtailed Chevron deference, shifting power from agencies to courts and reshaping regulatory fights (environment, labor, health).[4]
•Social policy is diverging by state, especially on abortion. Several states have abortion-related measures on the 2026 ballot, and state restrictions/protections continue to evolve.[5]
If you’d like, I can zoom in on any piece—election control scenarios, key Senate/House battlegrounds, issue polling in your state, or recent policy changes that could move markets.
Backs: “The Supreme Court’s 2024 Loper Bright ruling curtailed Chevron deference, shifting power from agencies to courts and reshaping regulatory fights (environment, labor, health).”