The Senate voted 49-44 on Monday evening to advance Kevin Warsh's nomination, clearing a procedural hurdle as lawmakers move toward final confirmation votes expected before Federal Reserve Chair Jerome Powell's term ends Friday. The Senate is expected to vote first on confirming Warsh as a Fed governor and then separately on his nomination to lead the central bank.

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US companies issued $18 billion in investment-grade bonds in a single day as tech hyperscalers accelerated borrowing to fund artificial intelligence infrastructure. Heavy issuance from firms such as Alphabet and Meta is shifting market dynamics, with issuers moving to lock in funding while credit spreads remain tight, even as Treasury yields and geopolitical risks push overall borrowing costs higher.

Markets showed signs of a "NACHO" trade -- short for "Not A Chance Hormuz Opens" -- as investors priced in the possibility that the Strait of Hormuz could remain closed amid ongoing US-Iran tensions. Oil prices and Treasury yields moved higher, with U.S. crude nearing $100 a barrel and the 10-year Treasury yield rising to 4.411%, while expectations for Federal Reserve rate cuts continued to fade. At the same time, the S&P 500 and Nasdaq reached new records, driven by gains in energy stocks and AI-related chipmakers as investors bet economic momentum and earnings growth can offset inflation pressures.

JPMorgan's prime brokerage business has reached record balance levels in 2026, driven by clients seeking to capitalize on heightened market volatility. As geopolitical tensions, such as the Iran war, initially led clients to hedge, many have since shifted their attention to US corporate earnings and are actively increasing their trading risk.

The Senate Banking Committee released revised text of a sweeping crypto market structure bill ahead of a committee markup on Thursday. The 309-page proposal would divide oversight of digital assets among regulators and includes updated language limiting certain stablecoin rewards programs, a key point of contention between banks and crypto firms. Lawmakers may still offer amendments during the markup.

President Donald Trump called on the House to take up the Senate-passed 21st Century ROAD to Housing Act, backing the Senate's approach as lawmakers remain divided over housing affordability legislation. The bill would limit large investors' purchases of single-family homes, a provision some House members argue could discourage new construction. Senate leaders are pushing for action on the measure ahead of the midterm election cycle.

US Basel III endgame reforms modestly reduce aggregate capital requirements but sharply redistribute costs across banks. Global systemically important banks benefit from G-Sib surcharge relief, while regional lenders face higher capital pressure from the reinclusion of accumulated other comprehensive income, which reduces common equity Tier 1 ratios by up to 8.9% on average.