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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessBRIEF: Trade Reactions Must Be Proportionate-EU's Dombrovskis
Trump: I Will Veto Defense Bill
President Trump tweets: "I will Veto the Defense Bill, which will make China very unhappy. They love it. Must have Section 230 termination, protect our National Monuments and allow for removal of military from far away, and very unappreciative, lands. Thank you!"
- The National Defense Authorization Act (NDAA) has passed in both houses of Congress with veto-proof majorities. This means that if the president does veto the NDAA, votes can be held in Congress to approve them once again and Trump will not be able to strike the act down.
- The issue is when the votes may be held due to the lack of time before a new Congress is sworn in on 3 January. There is the prospect of a recall of Congress between Christmas and New Year. CNN has even noted the prospect of voting to override a veto of the NDAA on the morning of 3 Jan before the new Congress is sworn in at 1200ET.
- The NDAA provides military funding for the coming year, and is usually passed on a bipartisan basis and swiftly ratified by the president.
- Trump has opposed the NDAA due to the inclusion of Section 230, which provides liability protection to digital information service provides (including social media firms).
- There may be some difficulty if House minority leader Kevin McCarthy (R-CA)'s threat to have House Republicans vote against the NDAA should Trump veto the legislation comes to fruition.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.