Pelosi optimistic but Senate the real obstacle
Stock markets getting a bit of a boost into the end of the week as Mnuchin and Pelosi work towards a stimulus package and earnings offer encouragement in these uncertain times.
Pelosi’s optimism on a deal with the White House wasn’t hugely shared on Wall Street on Thursday, with the Senate still being a massive hurdle blocking a stimulus package before election day. Trump was once again optimistic that he could push any agreement through the Senate, a view not shared by majority leader, Mitch McConnell.
Obviously a deal between Mnuchin and Pelosi would be a step forward which may provide a minor lift, not to mention pile pressure on some Republican Senators just ahead of election day. Voting down a stimulus package days before an election could be a damaging blow to a Senator in a close fight for re-election. Perhaps this is what Trump is banking on.
The next couple of weeks will be really interesting in these markets and we may see a lot of choppiness due to the considerable amount of uncertainty that will accompany it. The final debate was a far easier watch than the last, with both candidates giving a better account of themselves. The question is whether Trump has done enough to close a considerable gap.
For a look at all of today’s economic events, check out our economic calendar.
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