Good morning, you're listening to Markets Desk.
The Supreme Court has handed President Trump a significant legal defeat, unanimously blocking his executive order to end birthright citizenship. The ruling reaffirms the Fourteenth Amendment's guarantee of citizenship to nearly all persons born on American soil, dealing a sharp blow to one of the administration's core immigration priorities and signaling that the courts remain a firm check on executive overreach.
Shifting to monetary policy, newly confirmed Federal Reserve Chairman Kevin Warsh is drawing intense scrutiny from bond markets and investors alike. Warsh has spoken forcefully about his commitment to stamping out inflation, but Wall Street is parsing every word, trying to determine whether that hawkish posture translates into sustained policy action or whether it softens once economic growth comes under pressure.
On the labor front, job openings held near a two-year high in May, a signal that employer demand remains resilient. However, the pace of actual hiring slowed, suggesting companies are posting positions but exercising caution before pulling the trigger on new headcount — a split that complicates the Fed's read on just how tight the labor market truly is.
That's the tape. Markets Desk, signing off the floor.
