Morning Report: Stimulus deal

Vital Statistics:

 

  Last Change
S&P futures 3648 -55.3
Oil (WTI) 47.17 -2.34
10 year government bond yield   0.91%
30 year fixed rate mortgage   2.78%

Stocks are lower this morning on news of a second strain of COVID in the UK. Bonds and MBS are up.

 

Congress came to an agreement on a $900 billion stimulus package, which will send $600 checks to people, and an extra $300 per week in unemployment benefits. Here is a chart to show where the money is going

There is no aid to state and local governments, which the Democrats desperately want. Chuck Schumer is already saying that there will be another stimulus bill when Biden takes office. Much will depend on the special election in Georgia which will determine which party controls the Senate.

 

The week ahead should be quiet as we head into the holidays. Markets will close early on Thursday and be closed all day on Friday. We will get a bit of housing data with existing home sales, new home sales, and the FHFA House Price Index.

 

United Wholesale, which is going public via a SPAC, pushed its IPO to January.

 

26 Responses

  1. Don’t just crack open the Overton Window. Dynamite that fucker

    https://www.zerohedge.com/political/law-prof-advocates-black-americans-votes-count-twice

    Like

  2. Like

  3. I need some adivce from anyone with DC conncections:

    Any word on whether the US is planning further travel restrictions from the UK given this new super-scary covid “mutation” that has everyone’s panties in a twist? Two of my daughters are currently here in the UK with us for Christmas, and scheduled to return to the US on Jan 4, but I am wondering if I should be getting them earlier flights back.

    My initial thought was that, since it is already the case that only US citizens can travel to the US from the UK, the only people they will be restricting would be US citizens, and I doubt they would do that. As far as I know, all existing travel restrictions into the US all have exemptions for US citizens. But I did hear that some people, most notably Emmy-award-winning actor Andrew Cuomo, are asking the Admin to ban all flights from the UK, so now I am a bit more concerned. Any stateside insights, and especially DC insights, would be much appreciated. Thanks!

    Like

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