Axios

Senate Republicans are elevating Colombia as a role model in their push for stricter voting rules in the U.S. — and using California as their foil.

Why it matters: Republicans don't have the votes to jam through President Trump's SAVE Act, but some conservatives are using Colombia's election system to keep the up the pressure on GOP leaders.

Israel and Lebanon signed a framework agreement on Friday after four days of negotiations in Washington, mediated by the Trump administration.

Why it matters: The signing is a significant diplomatic breakthrough, but it's unclear how much of it can be implemented as long as Hezbollah is still armed and influential in the country.

Predicting what the Federal Reserve will do next has become an exercise in trying to game out the tactical instincts of a new chairman who isn't giving the world much to work with.

Why it matters: While it's early days in the Kevin Warsh chairmanship, his reaction function — the way he is likely to respond to incoming information about the economy — is a black box.

• It means that a wide range of possibilities for interest rate policy this year remain in play — from multiple rate hikes starting in late July, to leaving rates steady indefinitely.