Dow went up 63, advancers over decliners better than 2-1 & NAZ gained 70. The MLP index was up 1+ to 175 & the REIT index fell 2+ to the 461s. Junk bond funds crawled higher & Treasuries eased lower in price. Oil added 1+ to the 67s & gold rose 3 to 1810.
AMJ (Alerian MLP index tracking fund)
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The House scrapped a planned vote to advance 2 key economic proposals as centrist Dems & party leaders failed to break a stalemate over how to proceed with Pres Biden's sprawling economic agenda. The chamber will reconvene at noon as Dems try to strike a deal to move forward with legislation they see as an economic boon & a lifeline for households. Biden’s domestic policy goals & his party's push to retain control of Congress in next year’s midterms, could hinge on whether Dems find a compromise. House Speaker Nancy Pelosi has pushed to pass a $1T bipartisan infrastructure bill & her party's separate $3.5T spending plan at the same time. The process could take weeks or months, as the House needs to join the Senate in passing a budget resolution before lawmakers write a final proposal. 9 members of Pelosi's caucus — enough to cost her a majority vote if they defect — urged her to approve the Senate-passed infrastructure legislation this week & send it to Biden's desk. Pelosi wants to pair the bills to ensure the centrists wary of a $3.5T price tag & progressives who consider the infrastructure plan inadequate back both measures. The 9 lawmakers opposed Pelosi's plan to vote yesterday on a measure that would advance the infrastructure bill, the budget plan & separate voting rights legislation. She aimed to approve the budget resolution as soon as today, then hold a final vote on the infrastructure bill only after Dems wrote their final spending plan & the Senate approved it. As they lacked the votes to move ahead, Pelosi & her top deputies engaged for hours lat night with the holdouts, including Rep Josh Gottheimer. Dem leaders reportedly offered a commitment to vote on the infrastructure bill by Oct 1. Asked today if lawmakers would set a date for an infrastructure vote, Pelosi responded, “We will see tomorrow, won’t we now?”
House delays vote to advance Biden’s economic agenda as centrist Democrats derail Pelosi’s plans
White House chief medical adviser Dr Anthony Fauci said he hopes the US will have some control over Covid-19 by the spring. “If we can get through this winter and get the majority, the overwhelming majority of people who have not been vaccinated vaccinated, I hope we can start to get some good control in the spring of 2022,” Fauci said. Many scientists now predict that Covid will continue circulating around the world for foreseeable future, requiring nations to reinstitute public health measures on an ad hoc basis. US health officials maintain that vaccinations are the nation's best hope to dramatically reduce the number of new cases & bring an end to the pandemic. As of yesterday, more than 171M Americans, 51.5% of the total population, are fully vaccinated, according to data compiled by the Centers for Disease Control & Prevention. “As we get into the spring, we could start getting back to a degree of normality, namely resuming the things that we were hoping we could do, restaurants, theaters, that kind of thing,” Fauci added. That prediction comes with a big caveat, he said, noting that US officials originally thought Covid would be fairly well contained by the Fourth of July before the delta variant emerged & derailed those projections. “If we keep lingering without getting those people vaccinated that should be vaccinated, this thing could linger on leading to the development of another variant which could complicate things,” he noted.
Fauci says he hopes U.S. will have ‘some good control’ over Covid by spring 2022
British Prime Minister Boris Johnson will host an emergency meeting of G-7 leaders today to address the chaotic situation in Afghanistan & what their next moves will be. The G-7 countries — the UK, the US, Canada, France, Germany, Italy, Japan — will attempt to formulate a plan for the immediate term & the future as thousands of Afghan refugees are amassed around Kabul airport trying to get out of the country & as countries carry out one of the biggest airlifts in history to get their citizens out. The virtual meeting will come against the backdrop of a turbulent US withdrawal from Afghanistan that has seen Taliban forces take control of the country in 10 days as the Afghan military & gov capitulated. It also comes just one week ahead of the US's Aug 31 deadline for the complete withdrawal of its forces from Afghanistan. Johnson is expected to request that the US extend that deadline, something Pres has openly considered. But the Taliban have said they will not accept an extension. “It’s a red line. President Biden announced that on 31 August they would withdraw all their military forces,” Taliban spokesman Suhail Shaheen said yesterday. “So if they extend it that means they are extending occupation while there is no need for that.” Several Afghan forces & civilians have been killed in both fighting with militants & trying desperately to escape the country now under Taliban rule; some tried to cling onto a US evacuation aircraft as it took off from Kabul's intl airport. The US gov says it has evacuated or facilitated the evacuation of approximately 48K people out of Afghanistan since Aug 14, but admitted yesterday that it did not know how many more Americans remained in the country.
World leaders prepare for emergency G-7 meeting on Afghanistan as U.S. withdrawal deadline nears
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