House Republicans saved Pete Hegseth and picked Rep. Jim Jordan to lead them for a likely wild final two years of Trump’s second term. Read more in today’s WSJ Politics Newsletter:

This headline reports, via a WSJ Politics newsletter, that House Republicans shielded Defense Secretary Pete Hegseth from a challenge and selected Rep. Jim Jordan as their leader for the remaining two years of Trump's second term. The transmission channel here is political risk premia and legislative predictability rather than rates, inflation, or commodity supply, so the direct market effect is likely modest. Defense contractors and sectors sensitive to Pentagon policy could see marginal repricing if Hegseth's tenure is viewed as more stable, while broader equities would be affected only if the leadership change alters the expected path of fiscal legislation or appropriations. Assets tied to the political calendar, including event-driven and policy-sensitive instruments, may see some sentiment-driven movement. The next concrete catalyst traders will watch is the scheduling and content of House appropriations markups for the coming fiscal year, which would reveal how the new leadership intends to handle defense spending and government funding.

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