US: House Of Representatives Passes Short-Term Govt Funding Bill
The House of Representatives has passed a short-term funding measure to avert a government shutdown on October 1. The final vote tally was 217-212, with Republican reps Thomas Massie (R-KY) and Victoria Spartz (R-IN) voting with Democrats against the measure. Rep Jared Golden (D-ME) was the only Democrat to support the bill, as he was in a previous CR vote in March.
- The vote, which went as expected, means the funding bill will be passed to the Senate. The upper chamber must pass the bill with the support of at least seven Democrat senators to avert a shutdown. As noted in previous bullet, Senate Majority Leader John Thune (R-SD) is expected to tee up a Senate vote around September 29, a day before the funding deadline, to present Democrats with a binary choice - vote in favour of the bill or shut down the government.
- In the coming days, House Speaker Mike Johnson (R-LA) is expected to recess the House until October, in observance of Rosh Hashanah, to close off the opportunity for negotiations on a new funding bill.
- Note: This CR is 'clean' meaning it continues funding from FY25 and does not include any new policy or funding requests.
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US: Trump Considering Firing Fed's Cook for Cause, According to Sources
"*TRUMP CONSIDERING FIRING LISA COOK FOR CAUSE: WSJ" - bbg
"President Trump has told aides he is considering attempting to fire a Biden-appointed Federal Reserve governor after one of his housing officials accused her of mortgage fraud, according to a senior White House official and another person familiar with the matter.
"The Justice Department is probing similar fraud claims against two of the president's most vocal Democratic critics, opening investigations into New York Attorney General Letitia James and Sen. Adam Schiff of California. Attorney General Pam Bondi authorized Ed Martin, head of a working group tasked with reviewing cases against Trump, to use grand juries in Virginia and Maryland to probe separate allegations of mortgage fraud involving Schiff and James, according to a person familiar with the matter."
FOREX: Weakness for Equities Boosts Japanese Yen to Session Highs
- The latest bout of weakness for equities and bullishness across fixed income weighs on USDJPY in recent trade, which trades down to a fresh session low of 147.09, just shy of the week’s lowest level at 147.05. Overall, the pair remains in consolidation mode, with a bearish threat still present.
- Sights are on support at 145.86, the Jul 24 low. Clearance of this level would highlight a stronger S/T reversal and strengthen the bearish engulfing signal on Aug 1. This would open 144.69, a trendline drawn from the Apr 22 low. Initial firm resistance to watch is 148.52, the Aug 12 high.
- Kiwi weakness continues to be the main talking point on Thursday and the latest price action has seen NZDJPY extend session losses to 1.55% and print 11-week lows in the process.
US TSY FUTURES: BLOCK: Sep'25 2Y Buy
- +5,000 TUU5 103-27.38, post time offer at 1019:54ET
- The 2Y contract trades 103-27.5 last vs. -27.75 high (+1.5)
