Michigan Supreme Court Keeps Trump on 2024 Primary Ballot

Biden admin officials in Mexico re: border issues

Jim Wiesemeyer

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December 27, 2023 09:21 AM

Biden admin officials in Mexico re: border issues

Today’s Digital Newspaper

MARKET FOCUS

U.S. Fifth District factory index falls to 10-month low
Fears rising of a widening Middle East war
U.S. natgas futures see surge of over 4%, but set for worst year since 2006
EV sales grew nearly 50% this year but have plateaued in recent months
China’s BYD poised to be new No. 1 in electric vehicles
Toyota hits record production high in 2023, focusing on hybrids amid EV transition
Shippers gradually resuming use of the Red Sea for cargo transportation
Williams to acquire $1.95 billion Gulf Coast natural gas storage assets
Euro ends 2023 with stability at around $1.1, marking a nearly 3% increase for year
Ag markets today
Argentina expects second-best harvest in history
Ag trade update
NWS weather outlook
Pro Farmer First Thing Today items

ISRAEL/HAMAS CONFLICT

Israel warns of a long war, focus on southern Gaza; humanitarian concerns grow

RUSSIA & UKRAINE

Financial Times: EU prepares back-up plan worth up $22.1 billion for Ukraine
Ukraine experiencing both successes and setbacks in ongoing conflict with Russia
Majority of Russian oil to China & India

POLICY

ERP Phase 2 payments continue edging higher
Biden administration invests billions in rail projects
USDA reopens comment period for GMO exemption proposal

PERSONNEL

Biden aims to match Trump’s four-year judicial appointments amid concerns

CHINA

Taiwan to hold a presidential election on Jan. 13
China’s industrial profits drop 4.4% YOY, showing improvement from previous period
Chinese spy agency rising to challenge the CIA
China ups Asean trade, investment push with new high-speed railway link

TRADE POLICY

Trump: If re-elected, he would introduce sweeping changes to trade policy

ENERGY & CLIMATE CHANGE

Biden administration must decide on $10 billion natural gas
Changes to 2024 EV tax credit: Stricter eligibility and exclusion of Chinese components

LIVESTOCK, NUTRITION & FOOD INDUSTRY

Argentine supermarkets offer 20 essential products at discounted prices

POLITICS & ELECTIONS

In 2024, third-party candidates have potential for significant impact on the election
Appeals court reverses conviction leading to Rep. Fortenberry’s resignation
Michigan Supreme Court dismisses effort to exclude Trump from 2024 ballot

MARKET FOCUS

— Equities today: Asian and European stock markets were mixed overnight. U.S. Dow opened slightly lower and then turned slightly higher. In Asia, Japan +1.2%. Hong Kong +1.7%. China +0.5%. India +1.1%. In Europe, at midday, London +0.5%. Paris +0.2%. Frankfurt +0.1%.

U.S. equities yesterday: All three major indices registered gains to open the last week of the year. The Dow gained 159.36 points, 0.43%, at 37,545.33. The Nasdaq rose 81.60 points, 0.54%, at 15,074.57. The S&P 500 was up 20.12 points, 0.42%, at 4,774.75. The S&P 500 is near its all-time high — the index is less than 1% off its record close of 4,796.56, set nearly two years ago in January 2022.

— Agriculture markets yesterday:

Corn: March corn rose 7 1/4 cents to $4.80 1/4 and closed above the 10- and 20-day moving averages for the first time since Dec. 12.
Soy complex: January futures rose 13 1/2 cents to $13.13 1/4, while March soybean futures rallied 12 3/4 cents to $13.19. March soymeal futures rose $4.80 to $395.90, settling on session highs. March soyoil dropped 51 points to 48.51 cents, though settled off session lows.
Wheat: March SRW wheat rose 20 cents at $6.36 1/4. March HRW wheat closed up 19 3/4 cents at $6.42 3/4. Both markets closed nearer their daily highs. Spring wheat futures rallied 15 cents to $7.29 1/4.
Cotton: March cotton rose 29 points to 80.05 cents and closed above the 10-day moving average for the first time since Dec. 14.
Cattle: February live cattle rose $1.875 to $170.40 and near the session high. March feeder cattle gained 17 1/2 cents to $224.575, also near the daily high.
Hogs: February lean hog futures fell $2.05 to $69.30, nearer session lows.

— Ag markets today: Corn, soybeans and wheat each favored the downside overnight following Tuesday’s surge higher. As of 7:30 a.m. ET, corn futures were trading around 2 cents lower, soybeans were mostly 6 to 7 cents lower and wheat futures were mostly 6 to 8 cents lower. Front-month crude oil futures were modestly lower, and the U.S. dollar index was more than 100 points lower this morning.

Cattle futures helped by rise in cash cattle average. Last week’s cash cattle average rose $1.80 from the prior week to $170.51, helping spur gains in cattle futures. Packers bought a substantial amount of cattle last week, indicating they were likely short bought, though trade has yet to take place this week.

Seasonal weakness weighs on hogs. The CME lean hog index dropped to a fresh seasonal low today, dropping 66 cents to $65.59 (as of Dec. 22). February futures still maintain a $3.71 premium to the index, though that dropped sharply with Tuesday’s sell off in futures.

— Quotes of note:

Sevens Report: “The market is convinced that growth is slowing (but not too much), inflation is falling, and the Fed is dovish. As long as those expectations are in place, we will see continued strength across the bond markets and Treasury yields will continue to drift lower.”

— Toyota hits record production high in 2023, focusing on hybrids amid EV transition. Toyota, the world’s largest carmaker, achieved an all-time high in global production for 2023, with one month remaining in the year. This success comes despite criticism of its strategy for not focusing enough on electric vehicles (EVs). Strong sales of hybrid vehicles have compensated for the slower rollout of EVs. From January to November, worldwide production increased by 11% compared to the previous year, reaching 9.23 million vehicles, with robust demand in Toyota’s core markets, including the U.S. and Europe. The previous full-year production record was 9.05 million units in 2019.

The broader Japanese group, including Hino Motors and Daihatsu Motor, also saw a 7% increase in global sales to 10.2 million vehicles, positioning it to become the top-selling global carmaker for the fourth consecutive year.

While Toyota has faced challenges in China, where sales dropped 2% year-on-year to 1.7 million vehicles, it experienced a 17% year-on-year sales increase in November, reflecting the shift away from internal combustion engines and the rise of Chinese EV manufacturers.

Toyota has plans to sell 3.5 million battery-powered vehicles annually from 2030 to compete with Tesla, but in the current year, it has sold only 95,220 pure EVs, compared to 3.2 million petrol-electric hybrids and plug-in hybrids. The company maintains its commitment to a “multi-pathway approach” involving a wide range of vehicles sold across more than 170 countries, considering that EVs will remain unaffordable in many regions for years to come.

The company aims to outline the viability of hybrids during the transition to EVs. Despite a recent scandal at Daihatsu, a Toyota subsidiary, related to irregularities in crash safety testing, Toyota’s shares climbed nearly 2% on the back of the record-breaking production numbers. However, the full impact of Daihatsu’s scandal on Toyota’s reputation and sales remains uncertain, as it accounted for 7% of Toyota’s global revenues as of October.

Of note: Elon Musk once scoffed at the notion that BYD could compete with his company. Now, the automaker run by billionaire Wang Chuanfu is poised to be the new No. 1 in electric vehicles. (Link to Bloomberg article.)

— Slowing EV sales due to pricing challenges prompt auto industry investment re-evaluation. Electric vehicle (EV) sales experienced rapid growth in the early part of the year but at a slower pace compared to previous years before eventually stalling. This slowdown has been attributed to pricing issues. Consequently, electric cars and trucks have accumulated on dealership lots, prompting auto companies to reevaluate their investment strategies and plans.

— The Federal Reserve Bank of Richmond this morning released its Fifth District Survey of Manufacturing Activity for December. The consensus call was for a negative 4.0 reading, about one point better than the previous month’s data, but the data came in at -11, marking the lowest point in the past ten months. Several key indicators contributed to this decline:

Shipments fell sharply from -8 to -17.
New orders also decreased, going from -5 to -14.
Employment showed a slight drop, moving from 0 to -1.
Backlogs for most firms decreased, with the index remaining in negative territory.

However, there were some positive signs:

The vendor lead time index improved from -4 to 1, marking the first positive reading since June 2022.
Prices paid and prices received both experienced average growth rate increases in December.
Expectations for price changes over the next 12 months saw a slight uptick.

Despite these mixed signals, the index for future local business conditions remained unchanged at -5, indicating a generally pessimistic outlook among firms in the Richmond area. While there was a slight increase, the index remained in negative territory, suggesting ongoing concerns about future business conditions.

Of note: All five of the regional Federal Reserve bank manufacturing indexes — Dallas, Kansas City, New York, Philadelphia, and Richmond, Va. — are showing contracting activity in their regions’ manufacturing sectors.

Market perspectives:

— Outside markets: The U.S. dollar index was weaker, with the euro, yen and British pound all firmer against the greenback. The yield on the 10-year U.S. Treasury note was weaker, trading around 3.84%, with a negative tone in global government bond yields. Crude oil futures weakened, with U.S. crude around $75 per barrel and Brent around $80 per barrel. Gold and silver were mixed, with gold higher around $2,080 per troy ounce with silver weaker around $24.37 per troy ounce.

— The euro ended 2023 with stability at around $1.1, marking a nearly 3% increase for the year. This performance was driven by expectations that the Federal Reserve would initiate rate cuts earlier than the European Central Bank. Market indicators suggested an approximately 80% probability of a Fed funds rate reduction beginning in March 2024, with expectations of more than 150 basis points of cuts over the next year. Meanwhile, the European Central Bank was also anticipated to reduce borrowing costs in the coming year, albeit at a slower pace than the Federal Reserve, despite efforts from ECB policymakers to adopt a more hawkish stance.

— U.S. natural gas futures experienced a significant surge of over 4%, reaching above $2.5/MMBtu, driven by seasonal demand and increased exports. However, U.S. natural gas prices are predicted to undergo a substantial drop of nearly 41% in 2023, marking the most significant decline since 2006. This decline follows a 10% gain in 2022, primarily due to surplus supply. Record-breaking domestic natural gas production in the U.S. has enabled utilities to accumulate reserves, which currently stand at 8.5% above the seasonal average. This surplus is attributed to increased production and milder winters, which have reduced heating demand, according to the EIA. Forecasts indicate a 4% decrease in heating degree days compared to the previous 10-year average, resulting in a 2% drop in space heating consumption compared to the five-year average. Looking ahead, prices are expected to rebound as demand increases, driven by new U.S. LNG export plants in the U.S., Canada, and Mexico.

— Shippers are gradually resuming the use of the Red Sea for cargo transportation following U.S.-led efforts to enhance security against attacks on vessels. France’s CMA CGM has increased the number of ships traveling through the Suez Canal. Germany’s Hapag-Lloyd is expected to decide on whether to return to using the Red Sea on Dec. 27. Maersk has also announced its preparations to resume shipments in the Red Sea and Gulf of Aden. CMA CGM has reported that as of Tuesday, 28 of its vessels are being rerouted around the Cape of Good Hope, marking an increase from 22 ships the previous Thursday, as reported by Reuters.

— Williams to acquire $1.95 billion Gulf Coast natural gas storage assets. Energy infrastructure company Williams inked a deal to buy a portfolio of Gulf Coast natural-gas storage assets from an affiliate of commodities-trading company Hartree Partners for $1.95 billion. Williams on Wednesday said the acquisition includes six underground natural gas storage facilities in Louisiana and Mississippi with total capacity of 115 billion cubic feet, along with 230 miles of gas transmission pipeline and connections to Transco, the nation’s largest natural gas transmission pipeline. The Tulsa, Okla., company, which operates 33,000 miles of pipeline, said it expects to complete the acquisition in January.

— Argentina expects the second-best harvest in history. A report from the Rosario Stock Exchange details that grain production for the 2023-24 cycle is estimated at around 137 million tons, supported by weather recovery after the last three droughts. This projection would result in exports of approximately $35.8 billion. The study indicates that the expected harvest would represent an increase of 65% compared to the previous campaign, which was marked by a significant drought, although it would be slightly below the historical record of 140 million tons reached in 2018-19.

— Ag trade update: Jordan tendered to buy up to 120,000 MT of milling wheat after a recent tender went unfulfilled.

— NWS weather outlook: Winter storm across northern to central Plains continues to gradually wind down... ...A round of enhanced rainfall expected to move up the East Coast through tonight... ...Unsettled weather lingers near the West Coast for the next couple of days.

Items in Pro Farmer’s First Thing Today include:

• Grains lower overnight
• Cordonnier cuts Brazilian bean estimate

ISRAEL/HAMAS CONFLICT

— Israeli military focuses on southern Gaza as conflict expected to continue; humanitarian concerns grow. In the southern region of Gaza, Israel is intensifying its military efforts, and its military chief of staff, Lt. Gen. Herzi Halevi, expects the conflict to continue for several more months. Over 1.7 million displaced Gazans are seeking shelter in the south, with many sleeping in makeshift accommodations along roads and in open areas. There is a shortage of food and water in these areas. The Israeli military has claimed to have killed numerous terrorists and Hamas commanders, with some surrendering and hundreds being taken as prisoners. They have also targeted and destroyed underground infrastructure and confiscated large quantities of weapons. However, General Halevi acknowledged that they anticipate encountering more fighters in the region. There are concerns about the safety of Nasser Hospital, the largest hospital in the southern Gaza Strip, as it could be at risk if the bombardment and fighting approach closer to its location. The hospital is already operating at three times its capacity, which poses additional challenges.

Of note: President Biden spoke with the emir of Qatar to discuss plans to secure the release of all remaining Israeli hostages held by Hamas and efforts to ramp up and sustain flows of life-saving access to humanitarian aid into the Gaza Strip.

RUSSIA/UKRAINE

— Financial Times: The EU is preparing a back-up plan worth up to €20 billion ($22.1 billion) for Ukraine after the bloc’s leaders failed to agree a €50 billion ($$54.5 billion) four-year package for the war-torn country earlier this month. The scheme sidesteps objections from Hungary’s Prime Minister Viktor Orbán. Link/paywall for details.

— Ukraine is experiencing both successes and setbacks in its ongoing conflict with Russia. In the Black Sea and Crimea, Ukraine has achieved naval successes, putting Russia on the defensive. However, its ground campaign is facing challenges, with Russia launching attacks on eastern battlefields after stopping Ukraine’s counteroffensive. Ukrainian officials have admitted that they have essentially retreated from the eastern city of Marinka following a prolonged battle to defend it.

In a separate development, the Ukrainian Air Force claimed to have destroyed a large landing ship named Novocherkassk in a Crimean port. This attack led to casualties, including one fatality and two injuries, and triggered a fire, according to Sergei Aksyonov, the Russian-installed governor of Crimea.

Bottom line: Ukraine appears to be preparing for a prolonged conflict with Russia, as the government introduced a bill to lower the draft age from 27 to 25. Military officials have indicated that mobilizing up to 500,000 soldiers may be necessary in the face of ongoing hostilities.

— Majority of Russian oil to China/India. Following the invasion of Ukraine in February 2022, the sanctions the West put against Moscow forced the country to divert oil flows to Europe. Deputy Prime Minister Alexander Novak noted that 90% of Russian oil exports have been shipped to China and India. India did not import much oil from Russia before the war, though now accounts for about 40% of their total exports.

POLICY UPDATE

— ERP Phase 2 payments continue edging higher. Total payments under the Emergency Relief Program (ERP) total $8.31 billion as of Dec. 26, up from $8.29 billion the prior week. ERP Phase 2 payments are now at $854.57 million to 10,182 recipients, up from $837.5 million to 10,152 recipients the prior week. Phase 1 payments remained at $7.45 billion.

— Biden administration invests billions in rail projects, with the aim of modernizing travel and catching up with other countries’ high-speed rail systems. In the last two months of 2023, significant federal grants were awarded, including $8.2 billion for bullet trains and a pipeline of nationwide projects, as well as $16.4 billion for 25 passenger rail initiatives along the Northeast Corridor. While the Biden administration has allocated record funding for rail projects, House Republicans have attempted to cut and block future funds for specific rail initiatives through appropriations measures. One example is the California High-Speed Rail Project, which recently received a $3 billion federal grant for a proposed line connecting Merced, Fresno, and Bakersfield.

— USDA reopens comment period for GMO exemption proposal. USDA’s Animal and Plant Health Inspection Service (APHIS) announced the reopening of the comment period for its proposal regarding exemptions to regulations governing the movement of GMO products. The proposal aims to include five new genetic modifications that can be exempt from these regulations if they can be achieved through conventional breeding methods. Interested parties now have until Jan. 19 to provide their comments on this matter.

PERSONNEL

— Biden aims to match Trump’s four-year judicial appointments amid concerns. The White House is preparing for President Joe Biden’s opportunity to shape the judiciary, aiming to match the number of judges appointed during former President Donald Trump’s four-year term, Reuters reports (link). Biden initially kept pace with or exceeded Trump’s judicial appointments for two years, but his rate slowed in 2023 due to negotiations with Senate Republicans over potential nominees. Biden has announced 30 nominees yet to be confirmed, and there are 53 current federal bench vacancies awaiting nominees, with more expected. Therefore, Biden could potentially match Trump’s four-year total in 2024.

CHINA UPDATE

— Taiwan is set to hold a presidential election on Jan 13, and there is potential for a “mini-crisis” in the Taiwan Strait, say some China watchers. Current Vice President Lai Ching-te, a member of the Democratic Progressive Party (DPP), holds a narrow lead in the polls. Lai’s election would likely provoke anger from Beijing, as he advocates for a more independent Taiwan and strongly opposes the Chinese Communist Party (CCP). While Lai has stated he won’t push for formal Taiwanese independence or abandon the Republic of China name, which is a red line for Beijing, he emphasizes that Taiwan’s sovereignty is a reality. He also points out that, by Beijing’s standards, all candidates are pro-independence to some extent.

A victory for Lai would probably result in aggressive actions from Beijing, such as naval maneuvers and airspace intrusions, say some China analysts. Recent reports of comments made by Chinese President Xi Jinping to President Joe Biden about reunification with Taiwan have raised concerns in Washington, although an outright invasion remains highly unlikely due to the risks and challenges involved, especially when China is dealing with other crises.

Even if Taiwan’s opposition Kuomintang (KMT) were to win on Jan. 13, it might still lead to some issues. The KMT has a more pro-China stance compared to the DPP, but it wouldn’t necessarily hand control of the island to Beijing. Chinese officials could misinterpret a KMT victory as a sign of China’s influence in Taiwan. However, while a recent survey showed that 17% of Taiwanese voters consider China their primary concern, a significantly larger number are more focused on economic matters.

Of note: Chinese President Xi Jinping called the “reunification” of Taiwan with China “inevitable” in a speech on Tuesday. Xi, who has made taking control of Taiwan a cornerstone of his goal to elevate China’s power and stature globally, has made similar comments before — but they’re especially relevant now just weeks before Taiwan is set to choose a new president in a highly consequential election.

— China’s industrial profits drop 4.4% YOY, showing improvement from previous period; government stimulus boosts November figures. Profits earned by China’s industrial firms declined by 4.4% year-on-year, reaching CNY 6,982.3 billion during the first 11 months of 2023. This represents a slower decline compared to the 7.8% fall in the previous period. The decrease in profits has been attributed to Beijing’s efforts to stimulate economic recovery and alleviate margin pressures. Profits at state-owned firms saw a smaller decline of -6.2% compared to -9.9% in the January-October period, while those in the private sector actually increased by 1.6%, contrasting with a -1.9% decline previously.

In November, industrial profits in China surged by 29.5% year-on-year, marking the fourth consecutive month of growth. This growth was driven by recent stimulus measures implemented by the government.

— Chinese spy agency rising to challenge the CIA. The ambitious Ministry of State Security is deploying AI and other advanced technology to go toe-to-toe with the United States, even as the two nations try to pilfer each other’s trade secrets. Link to details via the New York Times.

— China ups Asean trade, investment push with new high-speed railway link connecting to Vietnam border. China’s 29.2-mile Fangdong Railway links the cities of Fangchenggang and Dongxing, which sits across the Beilun River from the Vietnamese city of Mong Cai. Link for more via the South China Morning Post.

TRADE POLICY

— Donald Trump said that, if re-elected, he would introduce sweeping changes to trade policy. Experts said that could risk alienating allies and igniting a global trade war. Link to article in the New York Times.

Of note: The Wall Street Journal says (link) Trump’s main target is China but he has hinted at challenging Europe over software taxes, online subscriptions and other digital services. Trade analysts say if Trump’s policies were implemented, they would shock the Us economy and international relations.

ENERGY & CLIMATE CHANGE

— Biden administration must decide whether a $10 billion natural gas facility will go ahead. Opponents say it would lock in decades of additional greenhouse gas emissions. Supporters of the project, known as CP2, say the export terminal would be a boon for the U.S. economy and help Europe decrease its reliance on gas imported from Russia. In the coming months, the Energy Department is expected to rule on whether the export terminal is in the “public interest,” a subjective determination that could have far-reaching consequences for the country’s natural gas industry.

— Biden administration faces decision on $10 billion gas facility amid climate and economic debates. The Biden administration faces a significant decision regarding a $10 billion natural gas facility known as CP2. Opponents argue that the project would result in decades of additional greenhouse gas emissions. On the other hand, supporters contend that the export terminal would benefit the U.S. economy and assist Europe in reducing its dependence on Russian gas imports. The Energy Department is expected to make a subjective determination regarding whether the export terminal is in the “public interest.” This decision could have substantial implications for the natural gas industry in the United States.

— Changes to 2024 electric vehicle tax credit: Stricter eligibility and exclusion of Chinese components. The federal tax credit for electric vehicles (EVs), which can amount to up to $7,500, was established through the Inflation Reduction Act (IRA). However, since the introduction of the EV tax credit, there has been ongoing confusion and questions regarding various aspects, including the income limit for the tax credit and which vehicles qualify for it.

Starting on Jan. 1, 2024, several changes will affect the EV tax credit. One significant change is that fewer vehicles will qualify for the full $7,500 tax credit due to stricter rules for qualifying vehicles in 2024. The existing requirements, such as those related to components made in America, will impact which vehicles remain eligible for the tax credit. Critical mineral component percentages that must be domestically produced or extracted will increase from 40% in 2023 to 50% in 2024. Additionally, the qualifying percentage of North American battery components will rise from 50% in 2023 to 60% in 2024.

Another significant change is that vehicles with components manufactured in China or by entities controlled by the Chinese government will no longer be eligible for the tax credit.

Of note: Leasing companies (the firms owned by or partnered with automakers that consumers lease cars from) aren’t subject to those restrictions, which means they can receive the tax credit and pass it on to the consumer in the form of a less-expensive lease.

LIVESTOCK, NUTRITION & FOOD INDUSTRY

— Argentine supermarkets offer 20 essential products at discounted prices to counter recent price increases. Starting today, supermarkets in Argentina will introduce a basket of 20 essential consumer products at discounted prices, available nationwide for two months. This initiative aims to mitigate the impact of recent significant price increases, which have created tension between producers and marketers. The Ministry of Commerce, led by Javier Milei, will not directly intervene in pricing agreements but has encouraged private parties to establish a list of items at “very convenient prices.” The Argentine Supers Network is voluntarily and temporarily offering a 20% discount on the prices of these 20 products in the basic basket for 60 days, starting on Dec. 27. The product selection includes food items like sugar, rice, noodles, flour, oil, crackers, eggs, milk, bread, legumes, tomato puree, dulce de leche (sweet milk), soda, tea, and mate (a traditional South American drink). Additionally, personal care products such as toilet paper and soap, as well as household cleaning products like bleach, paper towels, and detergent, will also be part of the discounted offerings. The government is avoiding direct price controls but is seeking to promote this list of essential products with attractive pricing, aiming to support consumers’ purchasing power without resorting to extensive state intervention.

POLITICS & ELECTIONS

— In 2024, third-party candidates have the potential for significant impact on the election, even though their chances of winning the presidency are low. Many American voters are dissatisfied with the current options available to them. This uncertainty is a source of concern for both major political parties, particularly the Democrats. There are worries that third-party candidates could disrupt the election, similar to how Green Party candidates were seen to have influenced the outcome in 2016 and 2000. However, insiders acknowledge that predicting the outcome in a race with five or six candidates may be extremely difficult. Link to more via NBC News.

— Appeals court reverses conviction leading to former congressman Fortenberry’s resignation. An appeals court reversed the conviction that led to the resignation of former congressman Jeff Fortenberry (R-Neb.) last year. The court ruled that he was not tried in the correct venue for charges of lying to federal agents regarding illegal campaign contributions from a foreign billionaire. The Court of Appeals for the Ninth Circuit found that Fortenberry’s trial in Los Angeles occurred in a state where no charged crime was committed and before a jury drawn from the vicinity of the federal agencies that investigated him. This was deemed unconstitutional, and as a result, Fortenberry’s convictions have been reversed, potentially allowing for a retrial in a proper venue. Fortenberry, in a statement through his attorneys, expressed his gratitude for the decision and thanked those who had supported him and his wife, Celeste, during this ordeal. Fortenberry had resigned from Congress in March 2022 after being convicted on three felony counts for lying to federal investigators about illegal campaign contributions related to a 2016 fundraiser in Glendale, Calif.

— Michigan Supreme Court has dismissed an effort to exclude former President Donald Trump from the 2024 ballot by invoking the U.S. Constitution’s “insurrectionist ban.” This decision differs from the recent ruling by the Colorado Supreme Court, which removed Trump from its primary ballot due to his involvement in the Jan/ 6 Capitol riot.

KEY LINKS

Policy Updates