Days Like This: Fed, G7, Senate Shenanigans & Iran - Washington Weekly

Research evidence excerpt

Days Like This: Fed, G7, Senate Shenanigans & Iran - Washington Weekly

TD Securities (USA) LLC DC DOWNLOAD

June 18, 2026

■WRG Washington Strategy Days Like This: Fed, G7, Senate Shenanigans

■WRG Washington Weekly

& Iran - Washington Weekly

Chris Krueger THE TD COWEN INSIGHT

202 868 5307 ■Iran ceasefire signed to reopen Strait of Hormuz for 60 days

christopher.krueger@tdsecurities.com

■Fed maintained rates; removed easing bias & forward guidance

■No substantive trade agreement updates from G7

■Trump legislative focus is SAVE America Act, which has no path in Senate, along w/

eliminating filibuster & "blue slips" for judges/US attorneys

■Next Week

❍MD, NY, & UT primaries; SC Governor runoff (another Trump GOP litmus test)

When it's not always raining

There'll be days like this

When there's no one complaining

Magnificent 7 Policy Issues This Week:

1) Iran. Watch for [largely symbolic] disapproval votes in Congress triggered by the 2015 Iran

Nuclear Agreement Review Act.

2) Fed. Fed maintained rates, removed easing bias & forward guidance. It provided no balance

sheet updates in a shortened statement, which is arguably the space to watch.

Dots are hawkish, suggesting a hike in the next year.

Warsh announced 5 new task forces:

1 Communications

2 Data sources

3 Balance sheet

4 Productivity/jobs

5 Inflation mandates

Time frame is conclusion by year-end.

3) G7. Although the week began with Trump threatening France with 100% wine tariffs,

leaders were more united this year. Members praised the ceasefire, committed to accelerate

diversification of energy supply routes, and agreed to increase pressure on Russia through

sanctions. Modi/Carney aim to conclude the Canada-India trade deal by year-end; Trump

signaled U.S.-India trade deal progressing slowly.