Boy, the GOP really grabbed themselves a big ol’ handful of Democrat pussy on Monday, in what one can only assume is a testament to the notion that Donald Trump did in fact have at least one thing he could teach lawmakers.
Basically, Democrats are going to go ahead and take Mitch McConnell’s word for it when it comes to Republicans’ collective willingness to negotiate on DACA. The deal funds the government through February 8. In other words, we’re going to be having this discussion again in just days.
“The Republican majority now has 17 days to prevent the dreamers from being deported,” Schumer said, bluntly. Here’s a fun one-liner from Mitch:
- MCCONNELL SAYS SHUTDOWN OVER IMMIGRATION CONFUSED U.S. PUBLIC
As far as Trump’s concerned, he’s just happy he doesn’t have to hear any more about this for the time being. “I am pleased that Democrats and Republicans in Congress have now come to their senses,” a statement attributed to the President reads. “We will make a long term deal if and only if it’s good for our country.”
That last bit is characteristic of Trump. He wants his support base to believe that he is the arbiter of what’s “good for the country”. More importantly, the implication there is that Democrats want what’s “bad” for the country, an absurd contention for obvious reasons.
In any event, stocks liked it, rising markedly after stumbling at the open:
The dollar tried to rally when it became apparent that the impasse in Washington was about to break, but ultimately, the beleaguered greenback gave it all back:
Treasurys were little changed, within 1bp of Friday’s closing levels.
European shares were mostly higher on Monday. The Stoxx 600 banks index was notably higher on the day, helped along by news that Tiger Global has taken a large stake in Barclays.
Emerging market equities were up for a seventh day in a row – that’s the best streak since last summer. Lots of folks are saying this has further to run (see here), but you know, it is what it is and what it is is this:
Tough day for make-believe space money as the entire crypto complex plunged (again), conjuring uncomfortable memories of the last collapse which unfolded way back in last week:
Oh, and don’t forget about Hong Kong. We’ve talked a ton about the rally over there recently and on Monday, the Hang Seng China Enterprises index eked out a gain, which means H-shares have now risen for 17 consecutive sessions.
The CEI is the most overbought since 2015 (when Chinese stocks crashed):
Oh, also note that the ChiNext (China’s “Nasdaq”) finally caught a break on Monday, rallying sharply on what looked like bargain-hunting after falling to a five-month low last week:
Finally, for your moment of zen, here is Sarah Huckabee Sanders explaining that Dreamers should “storm Capitol Hill”…
On the White House's message to Dreamers, Sanders says she thinks "they should storm Capitol Hill and protest there because that is the place that has held up this discussion.” https://t.co/EJv71doPAI https://t.co/kZajXvxZs6
— CNN (@CNN) January 22, 2018