News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • USD Ascending Triangle, Bullish for Q4 - #DXY chart on @TradingView https://t.co/iCnRSo9N4V
  • Credit rating agency Standard & Poor's is due to give its sovereign credit rating update on Germany today ahead of weekend national elections
  • RT @BIS_org: Since the early 1990s, changes in the #MonetaryPolicy stance have affected a rather narrow set of prices – mostly in the servi…
  • Huawei's CFO Meng Wanzhou reached deal with the US Dept of Justice to return her to China - Dow Jones
  • Cleveland Fed President Loretta Mester says: - sees US GDP in 2022 between 3.75 and 4% - Supports tapering in November and concluding over the first half of 2022 - After liftoff, accommodative policy needed for some time
  • Fed Chairman Jerome Powell doesn't comment on the growth forecast or monetary policy in his introductory remarks
  • Kansas City Fed President Esther George says: - The labor market friction is fading barring a resurgence of virus - A 'normal' economy is likely to remain elusive for some time - Asset buying effects complicate the judging rate change plan
  • The risk rally that charged the S&P 500 and brethren post-FOMC has stalled into Friday's open. DailyFX's @JohnKicklighter discusses what is driving markets post Fed👇 https://t.co/qNuVaDrZPe
  • 🇺🇸 New Home Sales MoM (AUG) Actual: 1.5% Previous: 6.4% https://www.dailyfx.com/economic-calendar#2021-09-24
  • China has announced that they will be cracking down on Cryptocurrency mining and while this has been a reoccurring theme, regardless of that fact Get your market update from @JMcQueenFX here:https://t.co/FluWtTTM93 https://t.co/GnBLLucMs3
President Trump Signs $1.3 Trillion Spending Bill After Veto Threats

President Trump Signs $1.3 Trillion Spending Bill After Veto Threats

Peter Hanks, Strategist

Talking Points:

  • $1.3 trillion funding bill averts government shutdown
  • The bill provides sweeping increases to military spending, domestic spending, and tools for combatting opioid addiction
  • Markets rebounded slightly after the bill was signed but soon continued sliding

Learn the number one mistake traders make when trading. Download our Traits of Successful Traders Guide in the Beginner section of the DailyFX Trading Guides page.

Under the gun of another shutdown, the US government rushed through a sizable spending program that will keep the lights on through early September. The government spending bill passed quickly through rounds of voting in the House (256-167) and a subsequent passage from the Senate (65-32). The Senate vote may be the last opportunity for major legislation change before the midterm elections in November. The $1.3 trillion bill received criticism from fiscal conservatives over the amount of spending at a time when Republicans have complete control of the federal government. Despite criticism, the massive bill provides funding for key issues of each party.

Highlighted within the bill are appropriations for increased military spending, domestic spending, border security, election security, and funds to battle opioid addiction. House Speaker Paul Ryan praised the increased military spending saying “this critical legislation begins to reverse the damage of the last decade and allows us to create a 21st century fighting force.” The bill presents the largest increase in military spending in the last 15 years and provides increased pay to military personnel. Spending was also increased on specific military equipment like jets, submarines, and tanks.

Domestic spending and border security were next on the docket as funds were given to the tunnel project between New York and New Jersey, a key sticking point for President Trump leading up to the signing. A $1.6 billion was provisioned for border security and $700 million for election security as midterm elections draw nearer. In recent weeks, opioid addiction has been an area of concern for both parties and was awarded $2.8 billion. President Trump asserted he would never sign another bill similar to the bill presented today, expressing his unhappiness with the length and size of the spending appropriations.

President Trump Signs $1.3 Trillion Spending Bill After Veto Threats

Although trade tensions have been the dominant force in markets this week, the bill provided a slight intraday bump to US equities. However, markets seem unable to shrug off the ongoing trade tensions and the bump was quickly erased as markets continued their downward trend from earlier in the day. In the address, President Trump was optimistic about nearing a conclusion to trade negotiations with ally South Korea and Commerce Secretary Wilbur Ross said the deal is due to be completed next week. In contrast, the introduction of a tariff on $60 billion worth of Chinese goods Thursday suggestions tension will not simply abate.

Read more on how trade tariffs and trade wars can impact the US economy and its Dollar.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES