Archives of “white house” tag

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Thursday is the deadline for avoiding a US government shut down. Schumer says it’ll pass.

  
  Analysis
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The US Senate will vote Thursday morning (local time) on a stopgap bill to keep the government funded through to December 3.

There are a series of votes beginning at 10.30am Washington time.
The stopgap funding bill will require 60 votes to pass. The numbers in the senate are evenly split, 50/50, between Dems and Reps. Senate Leader Schumer has said he has an agreement to get the bill passed though.
If it does pass the bill goes for voting in the US House where it should pass. If so it heads then to the White House for Biden to sign.
Midnight Thursday is the deadline.

Trump to announce a $750m deal to buy 150m rapid Covid-19 tests from Abbott Labs

  
  Analysis
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White House senior adviser Alyssa Farah:
  • “This is a major development that will help our country to remain open, get Americans back to work and kids back to school”
No schedule has been set for Trump’s announcement.
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Abbott said it plans to ship tens of millions of the tests in September
expects to increase production to 50 million tests in October
Thursday in Asia time brought news of the rapid test receiving approval:

Pelosi says offered to reduce aid package by $1 trillion and was rejected by White House

  
  Analysis
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Pencil that in

That’s an important detail because it means that $2.4 trillion is now the upper limit of what’s possibly coming. Every dollar lower is negative for the economy and risk trades and a potential positive for the dollar.
Previously, the indications were that Pelosi was holding firm around $3.4 trillion.
The meeting that was going to be at the top of the hour has been pushed back to 1:30 pm ET.
Along the same lines, according to The Hill, Chuck Schumer said Mnuchin and Meadows balked at Democratic proposal to set relief package at $2 trillion.
“You should have seen the vehemence: No!”
“You should have seen their faces: ‘Absolutely not!'”

GOP leaders said to meet at White House later today to discuss next coronavirus bill

  
  Analysis
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FOX News reporter, Chad Pergram, reaffirms the earlier story

Senate majority leader, Mitch McConnell, and House GOP leader, Kevin McCarthy, will be headed to the White House later to discuss the next stimulus bill with Trump and Mnuchin. This adds to the story from earlier in the day here.

 

US
The end of the month is going to be an interesting time, as the US approaches a fiscal cliff with stimulus money set to run out in the coming weeks/months.
Amid a surge in virus cases and the likelihood of the economy facing more dire consequences – not to mention election uncertainty, it will be interesting to see if the market can hold up in the way that it has over the past few months. A neat summary by Bloomberg:
US virus

11 Things I’ve Learned About Markets

  
  Education
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1. “There is no such thing as easy money”

2. Events that you think are affected by cardinal announcements like the employment numbers at 8:30 am on Friday are often known to many participants before the announcement

3. It’s bad to try to make money the same way several days in a row

4. Markets that have little liquidity are almost impossible to profit from.

5. When the stock market is way down, policy makers take notice and do what they can to remedy the situation.

6. The market puts infinitely more emphasis on ephemeral announcements that it should.

7. It is good to go against the trend followers after they have become committed.

8. The one constant, is that the less you pay in commissions, and bid asked spread, the more money you’ll end up with at end of day. Too often, a trader makes a fortune on the prices showing when he makes a trade, and ends up losing everything in the rake and grind above.

9. It is good to take out the canes and hobble down to wall street at the close of days when there is a panic.

10. A meme about the relation between today’s events and those of x years ago is totally random but it is best not to stand in the way of it until it is realized by the majorit of susceptibles

11. All higher forms of math and statistics are useless in uncovering regularities.

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