| Theme | Market Impact |
|---|---|
| Shutdown Negotiations Stall | Yields rise on fiscal uncertainty; risk assets pressured |
| ACA Subsidy Impasse | Senate support uncertain; partisan gridlock persists |
| Tariffs Under SCOTUS Review | Trade policy volatility returns |
| Yield Curve Elevated | Higher discount rates strain valuations |
| QT Wind-Down → Re-Expansion | USD support ahead despite near-term softness |
| Diplomatic Improvements (China/Japan) | Reduces tail risk, reinforces USD stability |