[Bernstein: The Market Underestimates the Probability of the 'Clear Act' Passing; Failure of the Act Will Accelerate Regulatory Progress] Bernstein analysts stated that Senate Republicans have made more progress on the 'Clear Act' than the market expected. The final draft of the bill has incorporated 126 substantive amendments proposed by Democrats, and U.S. President Trump has also accepted most of the bipartisan ethics proposals. The market currently holds a pessimistic view on procedural voting, but Kalshi predicts the probability of the bill passing has risen to over 30%. Analysts believe that if the bill fails to pass and the Federal Reserve maintains a hawkish stance, the market faces a risk of correction. However, the failure of the bill would also accelerate the process of regulatory rule-making by the SEC and CFTC. (Source: Federal Reserve)