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Jonathan Brady / PA via AP

Yesterday's snap general election in the United Kingdom produced a shocking result: a hung parliament. It's not what PM Theresa May expected when she called this election six weeks ago to strengthen her hand ahead of the formal Brexit negotiations — and the result might mean more political chaos for the country in the near future.

Where things stand right now:

  • May will remain as PM with a minority government headed by her Conservative Party. The Conservatives are discussing a pact with the right-wing Northern Irish Democratic Unionist Party, but there is no formal coalition agreement yet.
  • After facing down a no-confidence vote triggered by his own MPs last year, this result is a huge success for the Labour Party's Jeremy Corbyn and his brand of left-wing politics.
  • Brexit is still on — the European Union has already begun trolling May — but its ultimate scope and structure is certainly in question.

Other big storylines

  • The Scottish National Party (SNP), the main driver behind the Scottish independence movement, lost seats all across Scotland to the other major parties. Conservative gains in Scotland provided the most shocking result, as the party hasn't had any success there in 20 years. Scottish independence is on life support right now.
  • Labour's Corbyn had been widely mocked and derided (even by those in his own party) as an out-of-touch socialist from the 1970s. But his hopeful message and dynamic campaigning clearly resonated with voters across the country as Labour made headway even in longtime Conservative bastions.
  • Former Deputy Prime Minister Nick Clegg of the Liberal Democrats was defeated in a surprise result. And the SNP lost both its deputy leader and former leader as Angus Robertson and Alex Salmond both lost their seats in Scotland.
What comes next
  • Theresa May's position: She gave a defiant speech in front of 10 Downing Street this afternoon that largely ignored the reality of the result. That's not going to please longtime Conservative MPs who lost their seats or saw their margins of victory greatly reduced, especially when this election was her decision. She plans to remain as prime minister and she met with Queen Elizabeth II to form a government, but there are already knives out for her in her own party.
  • Another general election? Minority governments are notoriously unstable. The last general election that produced a minority government occurred in February 1974 and resulted in another election later that year. If May can't hammer out a formal coalition agreement with the DUP, there's a significant chance of another election this year — and May wouldn't be leading the Conservatives into it.
  • Brexit: Who knows? If May pushes ahead with a minority Conservative government, that opens the door for moderate Remain supporters in her own party to become more vocal in their push for a softer Brexit. Labour had included most aspects of a "hard" Brexit — the exiting of the European single market and the end of free movement of people — in their campaign manifesto, but they might also take a softer tone given the result. Formal negotiations are set to begin with the European Union on June 19.

Go deeper

The front-runners for Biden's Supreme Court pick

Judge Kentaji Brown Jackson (left) and Justice Leondra Kruger (right) Tom Williams-Pool/Getty Images and Lonnie Tague, US Department of Justice

Two highly accomplished Black female judges — Ketanji Brown Jackson, a judge on the D.C. Circuit Court of Appeals; and Leondra Kruger, a justice on the California Supreme Court — are seen as the early front-runners to replace retiring Supreme Court Justice Stephen Breyer.

The big picture: Jackson is a powerful federal judge with a record that progressives feel they can trust. Kruger was a highly regarded litigator and has carved out a reputation for working well with conservative judges.

Fed: Rate hikes "will soon be appropriate"

The Federal Reserve's headquarters building. Photo: Anna Moneymaker/Getty Images

Federal Reserve officials expect "it will soon be appropriate" to raise the central bank's main target interest rate, setting the stage for a rate hike at its next meeting in mid-March.

Driving the news: In a statement following a two-day meeting published Wednesday afternoon, however, the policy-setting Federal Open Market Committee teed up its next move without taking new action.

How long it’s taken to confirm Supreme Court justices

Expand chart
Data: Axios research, U.S. Supreme Court, Supreme Court Historical Society; Chart: Jacque Schrag/Axios

It takes a U.S. president an average of 70 days from the date a Supreme Court seat is vacated to nominate a replacement, according to data from the Supreme Court Historical Society.

Why it matters: With news outlets reporting liberal Supreme Court Justice Stephen Breyer's plans to retire, Democrats will be looking to confirm President Biden's nominee with enough time to refocus the national political debate ahead of the midterms.