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Markets Flat On Stimulus Deal Hope And Change…ADP Employment Beats

Markets Flat On Stimulus Deal Hope And Change...ADP Employment Beats

Economic data released this morning showed ADP private employment beating expectations handily for September…bad news for democrats as the Trump economy recovers quickly, to the chagrin of Joe Biden’s comments in the debate last night.

Treasury Secretary Mnuchin declared he think a ‘stimulus deal’ with Speaker of the House Nancy Pelosi is possible as he tries one last ditch attempt prior to the election.

Financial markets were flat on the news as of writing.

Treasury Secretary Steven Mnuchin said he will talk to House Speaker Nancy Pelosi about coronavirus stimulus again Wednesday and is “hopeful” about the prospects of a deal, reported CNBC.

“I say we’re going to give it one more serious try to get this done and I think we’re hopeful that we can get something done,” he said during the Delivering Alpha conference presented by CNBC and Institutional Investor. “I think there is a reasonable compromise here.”

The Treasury secretary added that he aims to find an “understanding” with Pelosi on a broad relief package by Thursday. Mnuchin said an offer he expects to bring to the speaker — a counter to the $2.2 trillion aid bill the House could vote on this week — will resemble the roughly $1.5 trillion bipartisan House Problem Solvers caucus proposal put forward earlier this month. 

ADP Employment Change (Sep) printed at 749k vs 650k consensus estimate.

Core Personal Consumption Expenditures (QoQ) (Q2) printed at -0.8% vs -1.0% estimate.

Gross Domestic Product Price Index (Q2) printed at -2.1% vs -2.0% estimate.

Personal Consumption Expenditures Prices (QoQ) (Q2) printed at -1.6% vs -1.8% estimate.

Gross Domestic Product Annualized (Q2) printed at -31.4% vs -31.7% estimate.

Chicago Purchasing Managers’ Index (Sep) released at 10am est., 52 estimate.

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