US SUPREME COURT DECLINES TO BAR CALIFORNIA FROM COUNTING BALLOTS CAST BY VOTERS THE TRUMP ADMINISTRATION CLAIMS ARE LIKELY NONCITIZENS

The US Supreme Court declined to block California from counting ballots cast by voters whom the Trump administration alleges are likely noncitizens, leaving the state's election administration intact for now. The ruling's market transmission runs through political risk premia and policy-expectations channels rather than direct cash-flow effects, as the decision shapes the perceived durability of federal election-integrity measures and the likelihood of a contested voter-roll outcome. Assets tied to the administration's policy agenda, including instruments sensitive to regulatory and political uncertainty, are the most directly exposed, while broader US equities and Treasuries typically react only if the dispute escalates into a constitutional crisis or affects the November federal election timeline. Traders should watch the lower-court proceedings on the administration's voter-verification claims and any subsequent federal action against California, as these determine whether the dispute remains a headline risk or develops into a sustained source of political volatility.

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