Morning 9-10

 A few things you may have missed:

  • GBP down 6-7 days, down some~ 4.5% so far this month
  • Nov beans Higher for 12 consecutive days, not beans in the teens but approaching $10

Fed balance sheet as of 9-2 not expanding by any definition

 ECB Balance sheet as of 9-4, on other hand continues to expand

 Hmm. based strictly on balance sheets which country’s currency would you want to be long?

Politics:

 Today the Senate will try and vote on a slimmed down Stimulus bill, as of Now we don’t know if enough republicans will vote for it let alone any democrats’-Summer there were little worry that another stimulus bill would be forth coming,Mid-August then late August ,early September at latest these dates have come and gone and yet no new stimulus bill. What was once a fore gone conclusion is now and doubt and markets are adding this to the List of worries .So if Fed balance sheet sideways and Congress not likely to agree on new stimulus, the markets are starting to get a bit nervous anxious.. Not good for Stocks  from Morning Money “With the coronavirus pandemic still battering the United States, Senate Majority Leader Mitch McConnell asked his fellow senators on Wednesday whether they ‘want to do something? Or do you want to do nothing?’ The answer looks to be … nothing.” Further “The Senate stalemate means Congress could leave Washington in early October having taken no new action in months to respond to one of the biggest economic and health crises ever to hit the United States.”    They all need to Be Fired

Markets:

  • Nasdaq Vix, VXN back below 40 all is well?
  • ECB left rates unchanged
  • Jobless claims below 1 million again but a bit higher than consensus

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