Stimulus Update (Why The Market Still Expects It to Pass)
What’s in Today’s Report:
- Stimulus Update (Why the Market Still Ultimately Expects It to Pass)
- Economic Data – A Mixed Picture
- EIA Analysis and Oil Market Update
Futures are marginally higher following a mostly quiet night, as the fate of the stimulus bill remains unresolved.
The stimulus bill remains up in the air as Trump has neither vetoed nor signed the bill, but while that could result in a temporary government shutdown on Monday, ultimately markets expect the bill to pass.
Regarding Brexit, the EU and UK are expected to formally announce a post Brexit trade deal later today, although as we and others have consistently said, this was always the expected outcome and as such it’s not generating much markets reaction.
There are no economic reports today and no Fed officials are scheduled to speak, so stimulus headlines will drive trading (anything that implies passage of the bill will be positive, while no news or negative news will obviously be a short term negative).
Finally, stock markets will close at 1:00 p.m. today. Please have a safe and joyous holiday weekend.
