US: Trump Urges GOP Senators To Terminate Filibuster, Reopen Government
US President Donald Trump is delivering remarks to a White House breakfast for Senate Republicans. LIVESTREAM As noted in previous bullet, Trump is using the remarks to renew pressure on Senate Republicans to 'do what they have to do' and terminate the Senate filibuster to unilaterally end the government shutdown. See: US: Strong Election Day Performance Tempers Optimism Of Shutdown Resolution 2/2
- Trump notes that the shutdown is starting to impact the stock market, aviation, and Supplemental Nutrition Assistance Program benefits.
- Trump says to Senators, "if you don't terminate the filibuster, you'll be in bad shape. We won't pass any legislation..." Trump adds, "we should do our own bills" because Democrats "won't do a simple [government funding] extension." He threatens to use the termination of the filibuster to pass a raft of Republican policy priorities that would be blocked by Democrats, including voter IDs and no mail-in voting.
- Abolishing the filibuster, known as the 'nuclear option' is opposed by both Senate Majority Leader John Thune (R-SD) and House Speaker Mike Johnson (R-LA) due to fears that the absence of the institutional roadblock (requiring a 60-vote majority to pass legislation) would open the door for a future Democratic administration to push through a liberal reform agenda. Thune told reporters Monday, “The votes aren’t there,” to eliminate the filibuster, which would require a simple majority vote.
- Trump's position appears to deepen the schism between Trump and Senate Democrats, who are keeping the government shut down until Trump opens negotiations over ACA tax credits.
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ECB: ECB Speak Wrap (Sep 25 – Oct 6)
The past two weeks has seen an increase in the frequency of ECB Executive Board monetary policy commentary. There haven’t been any major surprises, with Lagarde, de Guindos, Lane and Cipollone all providing some variant of rates being in a “good place” at present.
For a full summary of ECB speak since the September decision, see here
SOFR OPTIONS: Red Pack Vol Buyer
SFRU6/Z6/H7/M7 96.875^, bought for 306.5 in 300 lots.
EQUITY TECHS: E-MINI S&P: (Z5) Northbound
- RES 4: 6831.38 2.500 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 3: 6819.25 1.500 proj of the Aug 1 - 15 - 20 price swing
- RES 2: 6812.29 2.382 proj of the Aug 20 - 28 - Sep 2 price swing
- RES 1: 6800.00 Round number resistance and Friday’s high
- PRICE: 6786.50 @ 14:24 BST Oct 6
- SUP 1: 6684.22 20-day EMA
- SUP 2: 6624.25 Low Sep 25
- SUP 3: 6566.78 50-day EMA
- SUP 4: 6506.50 Low Sep 5
A bull cycle in S&P E-Minis remains intact. The contract traded to a fresh cycle high last week to confirm a resumption of the uptrend and maintain the positive price sequence of higher highs and higher lows. Sights are on 6812.29, a Fibonacci projection. Initial support to watch is at the 20-day EMA, at 6684.22. It has recently been pierced, a clear break of it would signal scope for a deeper pullback, potentially towards the 50-day EMA, at 6566.78.
