After stocks and the dollar surged on Tuesday, following a Politico report that Trump’s team have taken a significant step on tax reforms, the President’s threats on Tuesday night to shut down the government and terminate the NAFTA agreement, were not well received by investors, who responded by dragging both equities and the dollar lower.
2013 was a year of anticipation and perhaps disappointment. For those hoping the 2012 election would have settled some of the dysfunction in Washington, that did not happen. In fact, we doubled down on fights already settled as if there were no new business. Equity markets impressed, but few saw it as anything other than the hand of the Fed. Mercifully, the Fed signaled the beginning of the end of QE3 by year-end.
House and Senate lawmakers agreed to a bipartisan compromise to fund the U.S. government through Sept. 30, unveiling the measure days before financing for federal agencies is scheduled to lapse.
The budget agreement reached by congressional Democrats and Republicans would provide only a modest boost to the U.S. economy. The psychological effect is likely to be a lot greater.
A U.S. budget accord on track to win passage in Congress doesn’t change the view of Moody’s Investors Service on America’s top Aaa rating because it leaves medium-term deficits largely unaltered, according to Senior Vice President Steven Hess.
With less than three weeks until their deadline, U.S. budget negotiators have yet to break an impasse over revenue, prompting lawmakers to draft plans to blunt $19 billion in defense cuts set to start in January.
The long awaited, post-shutdown USDA crop report was released on Nov. 8. And while the report did not contain any big surprises, the market behaved as though it did. Soybeans and soybean meal both rallied sharply back to the highs of their recent ranges.
Consumer sentiment in the U.S. fell in November to the lowest level in almost two years as households reeled from last month’s partial government shutdown.
Service industries in the U.S. expanded in October at a faster pace than forecast, showing the biggest part of the economy was holding up as the federal government shut down.
Federal workers furloughed during the 16-day partial government shutdown will be counted as unemployed when the U.S. October jobs report is issued on Nov. 8, the Labor Department said today.