美国最高法院初步支持扩大美国总统权力

Aniket Shah, PhD * | Head of Sust. &Transition Strategy(212) 323-3976 | ashah14@jefferies.comCharles Boakye, CFA * | Sust. & TransitionStrategist(212) 336-6649 | cboakye@jefferies.comMatthew Spring, CFA * | Sust. & TransitionStrategy Associate+1 (212) 738-5297 | mspring@jefferies.comCarina Elfving * | Sust. & Transition StrategyAssociate+1 (212) 336-7238 | celfving@jefferies.comYujin Kim * | Sust. & Transition StrategyAssociate+1 (212) 778-8314 | ykim4@jefferies.comLuke Sussams ^ | Sust. & Transition Strategist44 (0)20 7548 4404 | lsussams@jefferies.comGrace Elshafei ^ | Sust. & Transition StrategyAssociate+44 (0) 20 7029 8952 | gelshafei@jefferies.comJacqueline Murdock ^ | Sust. & TransitionStrategy Associate+44 (0)20 7548 4165 | jmurdock@jefferies.comAna Zotovic ‡ | Sust. & Transition StrategyAssociate+1 (416) 847 7399 | azotovic@jefferies.com We believe that Thursday's Supreme Court order portends expanded executive power, in line withthe Unitary Executive Theory, which will lead to investors putting a higher risk premium on USassets going forward, due to increased policy variability.Please see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Analyst Certification:I, Aniket Shah, PhD, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Charles Boakye, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Matthew Spring, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Carina Elfving, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Yujin Kim, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Luke Sussams, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Grace Elshafei, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Jacqueline Murdock, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Ana Zotovic, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.Registration of non-US analysts:Luke Sussams is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Grace Elshafei is employed by Jefferies Inte