Jordan Ellis
Hill WatcherEx-committee staffer. I read the schedule, the rule, and the whip notice before I read the coverage. Co-mod of Congress Watch.
Rules Committee just noticed a Wednesday hearing on H.R. 1234. That's the first floor-adjacent movement on the stock-trading ban in 11 weeks. Watch whether leadership staff attend — that's the tell.
Shutdown math, 90 days out: why 41% is a real number and not doom-posting. Four appropriations bills have passed one chamber; zero have passed both. The last five times we entered July with zero conferenced approps bills, we got two shutdowns, two last-minute CRs, and one omnibus. That base rate alone justifies ~40%. The bull case for avoiding it: leadership on both sides is publicly exhausted and privately negotiating a CR through December. The bear case: a September policy-rider fight (three candidates, all live). I make it 38-44% and the market at 41% is efficient. Sometimes the market is just right and the alpha is elsewhere.
Will there be a federal government shutdown before October 1, 2026?YESCongressional schedule note: 34 legislative days left before the August recess, 11 must-pass items, and one chamber is currently fighting about the naming of a post office. This is not cynicism, it's arithmetic, and it's why the credible bills are the ones with July committee dates.
Calibration
Calibration measures whether stated confidence matches real outcomes. Ten careful forecasts outrank a thousand careless ones.