Pelosi Gives 48-Hour Ultimatum on Aid Package; McConnell Balks at Price Tag

Posted on 10/19/2020 2:33 AM

Senate panel to vote Thursday on Barrett’s nomination to Supreme Court

 


Washington Focus


 

A pre-election agreement on U.S. stimulus remains possible, according to House Speaker Nancy Pelosi (D-Calif.), who set a Tuesday deadline for an agreement with the White House.

 

     President Donald Trump indicated that he is closer to Democrats' demands for a larger overall package than congressional Republicans, calling in to a Wisconsin TV station to say he could exceed the amounts floated so far and voicing confidence that he “could quickly convince” Republicans wary of another large spending package.

 

     The Senate on Wednesday plans to vote again on a $500 billion coronavirus aid package that last month won nearly unanimous GOP support but was ultimately filibustered by all Democrats and one Republican. Senate Majority Leader Mitch McConnell (R-Ky.) said he won’t bring up a $1.8 trillion package Treasury Secretary Steve Mnuchin has offered Democrats on behalf of President Trump, who has urged Congress to “go big” on a new round of spending, “or go home.”

 

While the House is scheduled to be in a district work period until Nov. 16, House Majority Leader Steny Hoyer (D-Md.) said members may be called back for votes on pandemic relief legislation.

 

The Senate Judiciary Committee will vote Thursday on Amy Coney Barrett's nomination to serve as an associate justice on the Supreme Court. McConnell signaled last week the Senate will begin consideration of Barrett’s nomination on Oct. 23, one day after her expected approval from the Senate Judiciary Committee.    

 

On Tuesday, the Senate Judiciary panel will vote to subpoena Twitter's Dorsey, an unusual move prompted by the social media giant’s blocking of a story about alleged influence-peddling by Hunter Biden, son of Democratic presidential nominee Joe Biden.

 

     Twitter last week blocked a New York Post story about alleged emails recovered from Hunter Biden’s laptop that suggest the younger Biden was securing millions of dollars in exchange for connecting a Ukraine oil company oligarch with his father. “This is election interference, and we're 19 days out from an election,” Sen. Ted Cruz (R-Texas) said. “It has no precedent in the history of democracy. The Senate Judiciary Committee wants to know what the hell is going on.” Republicans have increasingly complained about social media’s treatment of the party and in particular conservative viewpoints. On Friday, Sen. Josh Hawley, a Missouri Republican and member of the Judiciary Committee, said the panel must also subpoena Facebook CEO Mark Zuckerberg. Hawley sent a letter to Zuckerberg, inviting him to testify.

 


Hearings and Events This Week


 

Biggest event this week comes Thursday when the last presidential debate takes place.

 

Monday, Oct. 19

  • Federal Reserve. Powell takes part in IMF panel on cross-border payments; Fed’s Clarida gives speech on economic outlook; Fed’s Bostic discusses economic diversity and inclusion; Fed’s Harker discusses Covid-19 recovery.
  • President Donald Trump holds a campaign rally in Prescott, Arizona.
  • Brazil. The U.S. Chamber of Commerce's Brazil-U.S. Business Council virtual 2020 U.S./Brazil Connect Summit.
  • Market issues. Georgetown University Law Center's Institute of International Economic Law virtual 2020 Fintech Week forum with remarks from Commodity Futures Trading Commission Chairman Heath Tarbert.
  • Global issues. Milken Institute virtual 23rd annual Global Summit, including remarks from World Bank President David Malpass, Transportation Secretary Elaine Chao and Assistant Attorney General Makan Delrahim.
  • China issues. Brookings Institution webinar on "Assessing Beijing's Growing Influence in the International System,” including remarks from House Intelligence Chairman Adam Schiff (D-Calif.).
  • 2020 elections. Bipartisan Policy Center (BPC) webinar on "Election 2020: 'States of Change' in Generational and Demographic Shifts."
  • National security. Atlantic Council webinar on "The Future of U.S. National Security," with a panel of former national security advisers.
  • China trade policy. Hudson Institute virtual discussion on "China's Eight Deadly Sins in Trade Policy."
  • Covid response. Johns Hopkins University Paul H. Nitze School of Advanced International Studies webinar on "Geopolitics, Leadership and the Global Response to Covid-19."
  • Taiwan, U.S. and China. Atlantic Council virtual seminar on "Taiwan and the Future of U.S./China Strategic Competition," as part of the Cross-Strait Seminar series.
  • Covid and climate change. National Academy of Medicine virtual 50th annual meeting on "Confronting Urgent Threats to Human Health and Society: Covid-19 and Climate Change."

Tuesday, Oct. 20

  • Federal Reserve. Fed’s Williams makes opening remarks at culture event; Fed’s Quarles discusses financial stability board agenda; Fed’s Evans Speaks to Detroit Economic Club; N.Y. Fed’s Singh discusses the fed’s corporate credit.
  • 2020 elections. American Enterprise Institute for Public Policy Research webinar on "Election Watch 2020: Down to the Wire."
  • 6G. InterDigital and Northeastern University's Institute for the Wireless Internet of Things virtual 6G Symposium on the prospects for 6G technologies, including remarks from Federal Communications Commission Chairman Ajit Pai.
  • The election and cryptocurrencies. Center for a New American Security webinar on "The Role of Cryptocurrency in Election Interference," focusing on "how Russian actors took advantage of cryptocurrency to support interference efforts."
  • Covid-19 vaccine. Center for Strategic and International Studies virtual press briefing on "Public Trust in a Covid-19 Vaccine."
  • Antimicrobial resistance. Meridian International Center virtual discussion on "Preparing for the Next Global Health Crisis: The Rise of Antimicrobial Resistance."
  • 2020 election issues. New York University, Washington, D.C. webinar on "The U.S. Election and the Future of Global Populism."
  • World Bank issues. Center for Strategic and International Studies webcast on "Should We Preserve the Doing Business Report," focusing on the World Bank and international development.
  • Health coverage. House Ways and Means Oversight Subcommittee hearing on "Maximizing Health Coverage Enrollment Amidst Administration Sabotage."
  • U.S./Iran. Johns Hopkins University Paul H. Nitze School of Advanced International Studies (SAIS) webinar on "Iran and the U.S. — A Critical Juncture."
  • Small businesses and Covid. Clinton Foundation virtual discussion on "Small Businesses, Big Opportunities," focusing on the economic fallout from Covid-19.
  • Immigration. Heritage Foundation webinar on "The State of the Wall and Immigration."
  • Election night reporting. Election Assistance Commission teleconference on "Election Night Reporting for the 2020 Election."
  • Hemp issues. Federal Communications Bar Association (FCBA) Mass Media Committee virtual seminar on "Rolling the Dice with Vices: Advertising on the Edge,” including a panel "The CYA (cover your actions) for CBD: Cannabis in its Many Forms," focusing on "risks for cannabis companies in advertising, and risks to publishers for accepting different types of cannabis advertising."

Wednesday, Oct. 21

  • Federal Reserve. Fed Governor Lael Brainard discusses the economic and monetary policy outlook at the Society of Professional Economists.
  • U.S. rail network. Senate Commerce, Science and Transportation Committee hearing on "Passenger and Freight Rail: The Current Status of the Rail Network and the Track Ahead."
  • Economics and environment. Brookings Institution webinar on "Charting a New Course Toward Economic, Social, and Environmental Progress."
  • Health innovation. Milken Institute virtual 23rd annual Global Summit. FDA Commissioner Stephen Hahn participates in a discussion on "Health Innovation: Improving Patient Access and Information."
  • Veterans issues. Senate Veterans' Affairs Committee hearing on "VA MISSION Act: Assessing Progress Implementing Title I."
  • Trade issues. National Council on International Trade Development virtual discussion with Cathleen Ryan, director of the Commerce Department Office of Antiboycott Compliance, part of the 2020 Trade Meeting.
  • Covid and supply chains. Peterson Institute for International Economics webinar on "In Light of Covid-19, Should Supply Chains be Reconfigured?"
  • U.S. policy toward Taiwan. Center for Strategic and International Studies virtual media briefing on "US Policy Toward Taiwan."
  • Renewable energy. Virginia Renewable Energy Alliance virtual second annual Virginia Clean Energy Summit.
  • Trump foreign policy. Senate Foreign Relations ranking member Bob Menendez (D-N.J.) discussion on the Senate Foreign Relations Committee Democrat's report titled "The Cost of Trump's Foreign Policy: Damage and Consequences for U.S. and Global Security."
  • Banking and minority businesses. U.S. Chamber of Commerce webinar with FDIC Chairman Jelena McWilliams on supporting lenders serving minority-owned businesses.
  • China and space issues. Washington Space Business Roundtable webinar on "the profound strategic impact of China's space activities on U.S. interests."
  • EU Green Deal. Georgetown University virtual discussion on "The EU Green Deal."
  • Election and government agencies. Government Executive Media Group virtual Federal Workforce Summit, including a session on "The Election: What It Means for Federal Agencies.”
  • Transportation. Urban Institute webinar on "Access to Opportunity Through Equitable Transportation."

Thursday, Oct. 22

  • Presidential debate. Belmont University hosts the third presidential debate of 2020 in Nashville, Tennessee.
  • Federal Reserve. Fed Vice Chair for Supervision Randal Quarles to talk on the response to the Covid event at the Institute of International Finance Annual Meeting (virtual meeting).
  • Drones. Federal Aviation Administration webcast of the Drone Advisory Committee.
  • Supreme Court nominee vote. Senate Judiciary Committee markup to vote on the nomination of Amy Coney Barrett to serve as an associate justice on the Supreme Court of the United States.
  • Arms control and China. Brookings Institution webinar on "Arms Control and Strategic Stability: Chinese Perspectives."
  • China issues. American Conference Institute virtual U.S./China Trade Controls Conference.
  • Covid-19 vaccine. Food and Drug Administration webcast of the Vaccines and Related Biological Products Advisory Committee to discuss the development, authorization and/or licensure of vaccines to prevent Covid-19.
  • Trade issues. International Trade Administration teleconference of the Advisory Committee on Supply Chain Competitiveness to discuss the major competitiveness-related topics raised at the previous Committee meetings, including trade and competitiveness; freight movement and policy; trade innovation; regulatory issues; finance and infrastructure; and workforce development.
  • U.S./Taiwan relations. Center for Strategic and International Studies webcast on "Toward a Strong U.S./Taiwan Relationship."
  • Malnutrition and Covid. Johns Hopkins University Paul H. Nitze School of Advanced International Studies (SAIS) webinar on "A Crisis Amid the Pandemic: Malnutrition, Covid-19, and the Path Forward."
  • 2020 elections. Brookings Institution webinar on "Blue Metros, Red States: The Fight for the Suburbs."
  • Energy issues. General Services Administration teleconference of the Energy Storage Task Group to explore the use of energy storage at federal facilities, and how it may be employed to reduce energy use and greenhouse gas emissions, including in conjunction with renewable energy and grid integration strategies.      

    Friday, Oct. 23

     
  • Covid vaccines. National Press Club Newsmaker Program virtual news conference on "The Latest Covid-19 Therapeutic and Vaccine Developments,” with NIH Director Francis Collins.
  • Energy issues. Center for Strategic and International Studies (CSIS) webcast on "The U.S. Innovation Ecosystem," the fifth and final session of the Energy Innovation Series, with remarks from Energy Secretary Dan Brouillette.
  • Coal issues. Energy Department teleconference of the National Coal Council on general policy matters relating to coal and the coal industry.
  • India Goods and Services Tax. Center for Strategic and International Studies webcast on "GST Compensation to States," focusing on India's Goods and Services Tax.
  • Housing data and Covid. Urban Institute webinar on "Measuring the Crisis: Housing Data During the Covid-19 Pandemic." 

Economic Reports for the Week
 


 

Coming off the heels of a strong Retail Sales report, economic reports of interest in the week ahead look at the housing market, the Conference Board's leading economic index and IHS Markit's update on manufacturing and services purchasing managers' indexes.

 

Monday, Oct. 19


     • National Association of Home Builders releases the NAHB/Wells Fargo Housing Market Index for October. Consensus estimate is for an 83 reading, even with the September data. The 83 figure for September is an all-time high in the 35-year history of the index.
     • Federal Reserve: Powell takes part in IMF panel on cross-border payments; Fed’s Clarida gives speech on economic outlook; Fed’s Bostic discusses economic diversity and inclusion; Fed’s Harker discusses Covid-19 recovery.

Tuesday, Oct. 20


     • Census Bureau reports new residential construction data for September. Expectations are for a seasonally adjusted annual rate of 1.47 million housing starts, slightly above August’s 1.42 million. Building permits are seen coming in at 1.53 million, higher than the 1.48 million figure from August.  
     • Federal Reserve: Fed’s Williams makes opening remarks at culture event; Fed’s Quarles discusses financial stability board agenda; Fed’s Evans Speaks to Detroit Economic Club; N.Y. Fed’s Singh discusses the fed’s corporate credit.

Wednesday, Oct. 21


     • MBA Mortgage Applications
     • Federal Reserve releases the beige book, which summarizes current economic conditions in the 12 Federal Reserve districts. This will be the seventh of eight beige book releases for the year.
     • Federal Reserve: Fed’s Mester discusses monetary policy at virtual event; New York Fed’s Singh discusses fed corporate credit.

Thursday, Oct. 22


     • Jobless Claims
     • National Association of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.4 million existing homes sold, up from six million in August. The August figure was the highest since late 2006, and up more than 50% from the recent pandemic low set in May.
     • Conference Board releases its Leading Economic Index for September. Consensus estimate is for a 0.7% month-over-month rise to 107.2.
     • Fed Balance Sheet
     • Money Supply

Friday, Oct. 23


     • IHS Markit releases its Manufacturing and Services Purchasing Managers’ Indexes for October. Expectations are for 55 and 55.2 readings, respectively, both slightly above the September data. 

 


Key USDA & international Ag & Energy Reports and Events 


 

With U.S. corn and soybean crop harvests now past the half-way mark, focus turns to other country crops and weather. Meanwhile, Friday brings another USDA update on the food price situation.

 

Monday, Oct. 19
 

          Ag reports and events:

  • Export Inspections
  • Crop Progress
  • EU weekly grain, oilseed import and export data

          Energy reports and events:

  • Joint Ministerial Monitoring Committee (JMMC), a small group of OPEC+ ministers, to meet virtually, to review compliance with pledged cuts
  • Joint Organizations Data Initiative (JODI) publishes oil-export data for August covering OPEC and non-OPEC nations
  • China September output data, including crude oil and refining, metals, coal, gas & power
  • BNEF Summit in London, on energy, finance and technology, includes executives from Shell, BP, Repsol, 1st day of 2

Tuesday, Oct. 20
 

          Ag reports and events:

  • U.S. Bioenergy
  • Fruit and Tree Nut Data
  • Vegetables and Pulses Data
  • Milk Production
  • Malaysia Oct. 1-20 palm oil export data

          Energy reports and events:

  • API weekly U.S. oil inventory report
  • BNEF Summit in London, final day

Wednesday, Oct. 21
 

          Ag reports and events:

  • Broiler Hatchery

          Energy reports and events:

  • EIA weekly U.S. oil inventory report
  • U.S. weekly ethanol inventories
  • More China September output data, for oil products and base metals. Tentative

Thursday, Oct. 22
 

          Ag reports and events:

  • Weekly Export Sales
  • Cotton Ginnings
  • Organics
  • Cold Storage
  • Livestock Slaughter
  • Port of Rouen data on French grain exports

          Energy reports and events:

  • EIA natural gas storage change

Friday, Oct. 23
 

          Ag reports and events:

  • CFTC weekly commitments of traders report
  • Peanut Prices
  • Food Price Outlook
  • Rice Stocks
  • Tree Nuts: World Markets and Trade
  • Cattle on Feed
  • Chickens and Eggs
  • Poultry Slaughter
  • China customs publishes trade data on imports of corn, wheat, sugar and cotton
  • FranceAgriMer weekly update on crop conditions
  • Unica data on Brazil’s cane crush, sugar production (tentative)
  • Holiday: Thailand

          Energy reports and events:

  • Baker Hughes weekly U.S. oil/gas rig counts
  • China 2nd batch of September trade data, including oil products trade breakdown

 

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