With inflation and the hitting two quarters of negative GDP growth, the Democrats badly need a legislative win to bolster their chances in the mid-term elections. Senator Joe Manchin (D-West Virginia) has provide them with that opportunity. He conceded to a $700 billion package that includes:
There is still no guarantee Democrats can get this package through Congress even while using the extra flexibilities under the budget reconciliation procedures. One red flag is the proposed $124 billion in revenues from increased tax enforcement since history suggests the results are never as much as proposed. Also, the use of union labor wage rates will reduce the expected benefits of the bill, and the problem has not always been getting the leases...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
