Ongoing DOJ investigations into whether Minnesota Gov. Tim Walz and other state officials impeded federal immigration enforcement or failed to curb fraud in Medicaid and child-care programs continue to shape trader views on the likelihood of charges. Grand jury subpoenas issued earlier this year were largely quashed by a federal judge in June on grounds of harassment, though scrutiny persists through House Oversight Committee hearings and administration referrals. Walz stepped back from a reelection bid amid the probes and recently announced new anti-fraud measures following threats to withhold federal funds. Traders weigh these enforcement efforts and procedural hurdles against the absence of formal indictments to date when assessing implied probabilities.