I don't think any of this matters for markets but House Republicans are currently holding their first vote for House Speaker. It's the top role in the House and third in line for Presidential succession.
Kevin McCarthy is the choice of most Republicans but with only a narrow majority, they can't elect him over internal opposition. That's what is happening right now as at least 11 Republican House members have voted against him. He was previously the Majority leader under Trump.
This will be the first time that the election of House speaker goes to a second ballot since 1923.
In a meeting earlier today, rebel Republicans were threatened to be banned from committees unless they supported McCarthy. Evidently the stick didn't work so now they'll have to try the carrot. The process used to be a prolongued effort with a record 133 votes over a two-month period in the 1850s.
I doubt it takes that long this time but it's a sign of how difficult it will be for Republicans to unite, and that may get even worse as the party is divided further during the Trump-Desantis leadership fight.
Update: 19 Republicans voted against him, so Republicans will need to change 14 minds. Another vote may be held today and if the deadlock were to continue for weeks (or months) the House could adopt a resolution that would elect a speaker by a plurality or by rank-choice voting instead of a simple majority. No House business can get underway until a Speaker is chosen.
/US dollar
