Trial now
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Still Range-Bound

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Decent Action on Narrow Range Ahead Wed's FOMC

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Corrective Cycle Still In Play

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Approaching Recent Highs

US

Could there be a breakthrough in Congressional fiscal negotiations today? Fox's Chad Pergram on Twitter:

  • "Fox is told there is an effort to try to wrap up the coronavrius/omnibus package today in the House of Representatives. In other words, House Democratic leaders are not looking at the potential of an interim spending bill to avert a government shutdown tonight....
  • "The hope among House Democrats is to release the bill and go to the House Rules Committee (the gateway to put a piece of legislation on the floor) around midday.The best case scenario would be for the House to move the bill later this afternoon or evening. But..if there's a problem, the House could draft a short, two or three day interim spending bill to avoid a government shutdown over the weekend...Naturally, even if the House DOES pass a bill, the Senate must act. The Senate could require more time to work this out."
  • And importantly for those counting down to midnight in the event there's no bill: "Fox is told, the sides could kind of wink and nod that the government isn't shut down..But regardless, it could take the Senate over the weekend or into next week to sync up with the House. And, the President of course must sign the bill into law."
MNI London Bureau | +44 203-865-3807 | tim.cooper@marketnews.com