Bellevue Perspectives

Monday Minute

  • On Monday last week, the White House and Congressional leaders reached a tentative agreement to raise US government spending caps and suspend the debt ceiling for two years. With the signing of the deal on Friday, a fiscal crisis will be averted this year. On the spending front, Last week’s deal averts the risk of an automatic across-the-board sequester on January 1, and allows for a modest fiscal stimulus. The suspension of the debt ceiling also means the Treasury will not run out of funds to meet its obligations, including interest payments on  its debt, which in theory could have happened as soon as September.
  • The Department of Justice (DOJ) announced it is reviewing potentially anti-competitive behavior of market-leaders in search, social media, and some retail services online. Although the review doesn’t pose an immediate risk to the companies most likely to be implicated (Facebook, Amazon, and Google), it is a clear sign that big tech will be in the regulatory and legislative crosshairs for the foreseeable future.
  • The Federal Reserve meets this week and the market is betting on a cut.  The size of the cut and whether it is a start to a series of cuts is debatable.  The market will surely show its pleasure or displeasure on Wednesday.

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