Optimism come around the trade deal. I feel like i have said that before. We will continue to monitor. Tom we are going to monitor all day. The news flow is extraordinary. Kevin cirilli is ready to travel to nashville for that debate. That is tomorrow with all sorts of news overnight in the United States and frankly around the world. Just one data point we will talk about in a moment. Renminbi out to new strength. Right now in new york city with first word news, here is ritika gupta. Ritika nancy pelosi and Steven Mnuchin are moving closer to a deal on a new stemless package. Alysia hope she can get an agreement this week. That is crucial to getting a bill passed by pull losey hope she can get an agreement this week. Theh mcconnell is warning white house against a pelosi led deal by the end of the month. Trumps campaign has burned through almost all of its money through september. His campaign cut back on advertising in some key battleground states for a while. Department antitrust law
About President Trump and congressional republicans. I guess you are getting that body language from Mitch Mcconnell. But why is the bond market moving . We are at 0. 83 on the 10 year yield, the steepest back to march of 2018. We are pricing in stimulus at some point. Jonathan through 80 basis points. Wonder if, off the back of a move in treasuries, people start to talk about reflation all over again. Lisa i dont know that the underlying data is really supporting that. We will get a read at that with iea crude oil inventories. A report yesterday showed a surprising building u. S. Inventories. Many people are not consuming as as the covid crisis continues to spread. Meanwhile, today, i know you guys care a lot. We get a lot of fed speak. Weve got loretta mester, neel kashkari, tom barkan, randy quarles, and jim bullard all today. Every day it seems like they speak more and communicate that much less. We are going to hold rates low. The question is just the threshold to further stimulat
13 days out to the election. Weve got lots in this hour. Wendy schiller of Brown University will join us on the changing political landscape. There is Market Movement today. We will talk equities in a moment with james bevan. I love his work on a more longterm perspective. Lets go shortterm. Where in the bond market argue focused . Jonathan long end, of course. Front end anchored, a bit of a snooze. And youre starting to break out a bit over the last 24 hours, just north of 80 basis points. Just around 95 was the intraday high in june. We have not reclaimed that level. Whenever we see a price move like this, it is a bit more fuel for the reflation narrative. It is price first, narrative second. Tom i saw just a little bit breaking out to higher inflation. What is the significance of the vanilla spread, the difference between the 10 year and the twoyear yield, back to march of 2018 . Jonathan jonathan steeper, and the five year versus the 30 year, also steeper. I think weve got to get m
Optimistic. Mitch mcconnell is pressing for his own more targeted plan. Emily, if the white house and pelosi agree to a deal, six months ago you couldve seen trump with the pressure from oconnell, is that not the case anymore . Mcconnell, is that not the case anymore . We are talking about all the Senate Republicans who arent really game to pass another 2 trillion legislation. How much support to they have. Mcconnell says if there is an agreement, he will bring it to the floor but did not say whether he would support or talk about his members for supporting it. A lot of them are in tight races coming up and they need to be thinking about their own Electoral Prospects to try and make decisions they see think are going to sit well with their constituents. That we you suggesting are seeing members of the senate , republican members of the senate distancing themselves from trump . Is that now the electoral play that they have to pursue . I think for these republican senators, they have to
Index to session lows in the final halfhour. Asian markets face an uncertain retention ofs want u. S. Actions. Meanwhile, hong kong braces for what could be the biggest protesting month as the City Government needs to discuss criminalizing disrespect for chinas National Anthem. Haidi lets get a look at the markets, which are being jolted by prospects of more u. S. China tensions, the prospect of these further sanctions from washington to beijing as well as Key Developments in hong kong as we get the second reading of this controversial bill as well as the expectations of more protests. Held by newg upside zealand markets. We heard from the annual testimony report there could be more mobility to the countrys Financial Institutions, hearing from the governor. Upside in kiwi trading at the moment. U. S. Futures stumbling. A little downside when it comes to trading in the futures on the back of the failure to hold onto the key psychological 3000 level for the snp, geopolitical concerns get