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Stimulus Deal: Devil Is In The Details

US

Re White House Advisor Kudlow's comments that Trump has approved a revised stimulus package - a skeptic might say: Kudlow saying it's a "relatively" broad-based deal "but I can't go through details" means it may yet fall short of Democratic demands on size and scope.

Politico's Jake Sherman notes re Kudlow's comment that only the "finishing touches" are required: "Just a note: This is not where the negotiations stand. Larry Kudlow is not and has not been involved with any negotiations here."

WSJ now reports that the White House's offer will be $1.8trn, below the $2trn+ the Democrats have previously sought. Again, the devil is in the details.

Pelosi doesn't seem to be that keen to hand the White House a win ahead of the election. Plus there's still the hurdle of Senate passage. The update post-Pelosi/Mnuchin call will be key. A lot of shades of the US-China Phase One deal back-and-forth here.

At least both sides are back talking, so never say never, but unclear it's a done deal or even close to one, particularly given the election is imminent.

MNI London Bureau | +44 203-865-3807 | tim.cooper@marketnews.com