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Bullish Price Sequence


Corrective Pullback

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Earlier this morning, Senate majority leader Chuck Schumer (D-NY), in a presser alongside Speaker of the House of Representatives Nancy Pelosi (D-CA) and Treasury Secretary Janet Yellen that "The White House, the House and the Senate have reached an agreement on a framework that will pay for any final negotiated agreement [on the USD3.5trn infra package]. So the revenue side of this, we have an agreement on,"

  • Pelosi on infra package: "We came to terms as to a framework on an array of agreements that we have depending on what the need is. At the same time, we're finalizing on the outlay side so if we need more, we need less..."
  • Pelosi on debt ceiling: "We will keep the government open by September 30...and continue the conversation about the debt ceiling. Whatever it is, we will have a CR that passes both houses by Sept. 30"
  • Appears to still be a large amount of ambiguity as to where revenue will come from for the package. The 'menu of options' talked about in terms of funding seems deliberately vague.
  • Senator Bernie Sanders (I-VT), chair of the Senate Budget Committee, has stated that he 'has no idea' of the framework, raising the prospect that it could run into some obstacles from some wings of the Democratic party.