A group of big-city mayors — representing New York, Chicago, Boston, Oakland, Seattle and Los Angeles — is discussing a formal coalition.

On the surface, it’s a coalition of cities sharing ideas. Comparing public policy.

But Chicago Mayor Brandon Johnson describes it this way: a partnership “to fight back against federal overreach.”

Accordingly, Paradigm’s macro authority Jim Rickards sees something systemic taking shape: “The deeper conflict involves federal authority versus local power.”

That’s not a new tension in American history.

But it’s rarely been this openly coordinated.

To understand what’s forming, you need to understand who’s involved — not as caricatures, but as political actors with real constituencies and records.

Your Rundown for Wednesday, March 18, 2026...

The Coalition, Up Close

Zohran Mamdani (New York City)

A democratic socialist and former New York State Assembly member, Mamdani was sworn in as New York City mayor on January 1, 2026. He campaigned on a rent freeze, expanded public services and city-owned grocery stores. His critics argue his agenda would require higher taxes plus create a budget deficit.

Brandon Johnson (Chicago)

Elected in 2023, Johnson is a former teacher and community organizer who was backed by the Chicago Teachers Union. His administration has emphasized progressive taxation measures and social spending while contending with a large budget gap and ongoing debates over public safety.

Michelle Wu (Boston)

Mayor since 2021, Wu rose to prominence on the Boston City Council. She has emphasized housing affordability, climate policy and transportation reform, while defending Boston’s sanctuary-city policies amid federal scrutiny.

Barbara Lee (Oakland)

A longtime member of Congress, Lee was sworn in as Oakland’s 52nd mayor in May 2025. She is nationally known for casting the lone vote against the post-9/11 Authorization for Use of Military Force and brings decades of federal experience into local government.

Katie Wilson (Seattle)

Wilson was elected Seattle mayor in 2025 and took office in January 2026. A longtime public transit advocate and community organizer, she co-founded the Transit Riders Union and has emphasized housing affordability and renter protections.

Karen Bass (Los Angeles)

A former Speaker of the California State Assembly and U.S. Representative, Bass became mayor in 2022. Her tenure has focused heavily on homelessness and urban services, with mixed reviews on execution and city preparedness.

“These leaders are not traditional Democrats,” Jim emphasizes. “Many openly identify with socialist or neo-Marxist ideas.”

Major U.S. cities are increasingly becoming policy laboratories, often moving in directions that diverge from federal priorities. Criminal justice reform is one example. Housing, taxation and public services are others. Sanctuary-city status another.

But Jim says there’s a line that shouldn’t be crossed. “The Constitution states clearly that federal law is supreme when conflicts arise,” he says. “Yet sanctuary city policies and resistance to federal enforcement echo earlier debates over nullification.”

Before the Civil War, Jim reminds, several states tested the limits of federal authority long before open conflict began. Not to overstate the comparison: “Today’s situation is obviously different,” he says.

But the underlying dynamic — competing centers of power, each claiming legitimacy — is unmistakably similar.

In 2026, it’s not states versus Washington. It’s cities.

Right now, this coalition is still forming. No formal structure. No binding commitments. But even the discussion signals something important: America’s largest cities may begin acting in concert — as a political bloc.

Yet, for all the talk of coalitions and federal resistance, there’s another thread uniting all six cities.

They need more revenue. Not less.

Push too far — higher property taxes, higher business costs, higher cost of living — and residents leave. And if that happens at scale, this mayors’ alliance won’t be testing federal authority…

It’ll be testing the staying power of its tax base.

Market Rundown for Wednesday, March 18, 2026

S&P 500 futures are up 0.15% to 6,780.

Oil’s down 0.90% to $95.25 for a barrel of WTI.

Gold is down 1.55% to $4,930 per ounce.

And Bitcoin is down 2.45% to $72,745.