Investing.com -- Wolfe Research says investors are focused on a fresh set of policy and political risks as Washington heads into a crowded autumn agenda.

The firm noted that while markets have largely shrugged off headlines during the summer, "questions abound, none of them pleasant."

The most urgent development is said to be President Trump's purported firing of Federal Reserve Governor Lisa Cook, which Wolfe said could "sharply erode Fed independence" if upheld by the Supreme Court.

The firm expects Cook to seek an injunction, which "would preserve the status quo until SCOTUS weighs in," explaining the limited market reaction overnight.

Against that backdrop, Wolfe highlighted eight themes dominating client conversations:

"DC policy is not driving markets uniformly higher or lower," Wolfe concluded, predicting selective impacts in the months ahead.

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