Speaker Pelosi: ‘I’m Never Bringing a Bill to the Floor that Doesn’t Have the Votes’

Tight schedule & intraparty squabbles present hurdles for Dems | Where’s RFS details?

In Today’s Digital Newspaper

Market Focus:
• Costco warns customers about a toilet paper shortage
• Relief for renters
• Head of major Asia ocean shipping companies: governments may need to intervene
• U.S. is a big truck lover, especially the Ford F-150 
• Volatile lumber prices
• Retail price of orange juice rose to all-time high this
• Revival in U.S. Farm Belt in full swing, boosting markets for land and equipment
• CFTC Commitments of Traders report  
• Ag demand update
• Quiet start to the week
• Reuters poll: Analysts expect record Brazilian bean crop of nearly 144 MMT
• Drying to worsen on the U.S. Plains and Canadian Prairies
• Russian wheat prices still rising
• Ukraine wraps up harvest of a bumper wheat crop
• China still working to shore up domestic pork prices
• Cattle on Feed Report disappoints
• Bullish H&P Report Friday, with pork prices also surging 

Policy Focus:
• Updates on CR, debt suspension and infrastructure measures 

Afghanistan:
• U.S. waiving key sanctions against Taliban-controlled Afghanistan
• Afghanistan’s economy on verge of collapse  

China Update:
• China frees two jailed Canadians as Huawei CFO allowed to return to China   
• After two years of soaring pork prices, China now faces opposite problem
• U.S. August exports to China under Phase 1 agreement: Census 

Trade Policy:
• U.S./EU Trade & Technology Council will meet for first time on Wednesday 

Energy & Climate Change:
• Wait is still on for EPA announcement on RFS details
• IRS renewables safe harbor extension due to Covid
• Russia’s Gazprom dismisses accusations it is not supplying enough natgas to Europe
• BP: panic buying caused 30% of its 1,200 gas stations in U.K. to run out of two main fuels

Livestock, Food & Beverage Industry Update:
• Fertilizer production may impact meat industry due to supply-chain constraints

Coronavirus Update:
• Vaccines around the world
• WHO seeks to revive inquiry into origins of Covid-19
• Are gov’t advisory committee members required to get vaccines? 

Politics & Elections:
• Texas Gov. Greg Abbott on Biden’s threat that border agents could lose their jobs
• Olaf Scholz of center-left Social Democrats beat Merkel’s conservatives in tight election 

Congress:
•  Highway Trust Fund gets infusion ahead of infrastructure vote

Other Items of Note:
• DHS: More than 12,000 migrants from Del Rio surge have been released into U.S.

MARKET FOCUS

Equities today: Global stock markets were mixed but mostly firmer in overnight trading. The U.S. stock indexes are also pointed to mixed openings. Asian equities ended narrowly mixed as COVID concerns weighed on values. The Nikkei fell 8.75 points, 0.03%, at 30,240.06. The Hang Seng Index was up 16.62 points, 0.07%, at 24,208.78. European equities are mixed in early dealings after starting in positive territory. The Stoxx 600 was down 0.2% while other markets were steady to up 0.3%; Spain was nearly 1% higher.

     U.S. equities Friday: The Dow added 33.18 points, 0.1%, to close at 34,798.00. The S&P 500 rose 6.50, 0.1%, to 4455.48. The Nasdaq slipped 4.54, less than 0.1%, to 15,047.70.

     For the week, the Dow and S&P 500 saw gains of 0.6% and 0.5%, respectively, while the Nasdaq was little changed for the week.

On tap today (see detailed list of events and reports below):

     • European Central Bank President Christine Lagarde appears at a European Parliament hearing at 7:45 a.m. ET.
     • U.S. durable goods orders for August are expected to increase 0.6% from the prior month. (8:30 a.m. ET)
     • Dallas Fed's manufacturing survey is expected to tick up to 10 in September from nine a month earlier. (10:30 a.m. ET)
     • Bank of England Gov. Andrew Bailey speaks to the Society of Professional Economists at 11 a.m. ET.
     • USDA Grain Inspections report, 11 a.m. ET.
     • USDA Crop Progress report, 4 p.m. ET.
     • Federal Reserve speakers: Chicago’s Charles Evans to a National Association for Business Economics meeting at 8 a.m. ET, New York’s John Williams at New York Fed event at 9 a.m. ET, Williams to the Economic Club of New York at 12 p.m. ET, governor Lael Brainard to a NABE meeting at 12:50 p.m. ET, and Minneapolis’s Neel Kashkari at a virtual Q&A at 1 p.m. ET.

Treasury Sec. Janet Yellen and Fed Chair Jerome Powell head to the Hill to testify Tuesday before the Senate Banking Committee about efforts to help the economy recover from the Covid-19 pandemic, and they're also expected to testify on Thursday before the House Financial Services Committee, per a requirement in the CARES Act. The sessions come as U.S. economic growth shows signs of slowing, inflation is running hot and the Fed is planning to reverse pandemic stimulus programs.

Relief for renters. The Treasury Department on Friday announced that the pace of federal rental aid payments amid the coronavirus pandemic picked up last month, with more than $2.3 billion distributed to households to help prevent evictions. The federal agency said in a press release that in August, funds from the Emergency Rental Assistance Program (ERA) reached more than 420,000 households, an increase from 340,000 in July. As of Aug. 31, state and local governments have distributed more than 1.4 million payments for a total of more than $7.7 billion in ERA funds. The data comes nearly a month after the Supreme Court blocked the Biden administration’s attempt to extend the eviction moratorium, fueling concerns that tenants will be forced out of their homes amid continued financial hardships spurred by the coronavirus pandemic.

Costco warns customers about a toilet paper shortage as the wholesale retailer is having challenging time stocking shelves due to supply chain disruptions, according to Fox News. Costco told Fox News via an email statement, "Due to increased volumes, you may see a slight delay in the processing of this order." The retailer noted that the company is "working to fulfill everything as quickly as possible." Costco announced purchasing limits on some products but didn't mention specific items, saying, "some warehouses may have temporary item limits on select items."

Head of major Asia ocean shipping companies warns governments may need to intervene to “restore order” to a global logistics market tormented by chronic delays, supply chain disruption and record container rates. In an interview with the Financial Times (link/paywall) Takeshi Hashimoto, president of Mitsui OSK Lines, part of Ocean Network Express, one of the world’s biggest shipping alliances, said that the industry had miscalculated how long the disorder of the coronavirus pandemic would last. While some shipping companies had predicted normalization early next year after the initial shock of the crisis, Mitsui has recently extended its forecast to the end of 2022.      “If left entirely to the market economy, individual companies and individuals all doing their utmost to find the best solution for themselves will result in more and more turmoil and an out-of-control situation,” he said. Last week, ports announced that following consultations with the U.S. Transportation Dept., the port of Long Beach would trial 24-hour operations, while Los Angeles would extend night-time weekend hours. Container rates hit an all-time high of $11,109 in mid-September, after having fallen below $1,500 at the start of the pandemic, according to data provider Freightos.

     Tens of thousands of containers are stuck at the ports of Los Angeles and Long Beach, Calif., the two West Coast gateways that move more than a quarter of all American imports. More than 60 ships are lined up to dock, with waiting times stretching to three weeks. Despite mounting shipping delays and cargo backlogs, the busiest U.S. port complex shuts its gates for hours on most days and remains closed on Sundays. Meanwhile, major ports in Asia and Europe have operated round-the-clock for year. Logistics providers are boosting pay, adding flexibility to shifts, blanketing social media with recruitment ads and even shipping in more robots to help workers field surging e-commerce volumes (link to WSJ article).

U.S. is a big truck lover, especially the Ford F-150. Most of you may know that, but the following graphic uses 2020 sales data from automotive information resource Edmunds.com, breaking down the best-selling vehicles in each state through new vehicle retail registration.

Market perspectives:

     • Outside markets: The U.S. dollar index is firmer ahead of U.S. trading with only the euro weaker against the greenback. The yield on the 10-year U.S. Treasury note has risen to trade around 1.49% tracking a firmer tone in global gov’t bond yields. Gold and silver are narrowly mixed ahead of U.S. trading, with gold weaker around $1,748 per troy ounce and silver firmer around $22.60 per troy ounce.

     • Crude oil futures remain higher though off of earlier gains. U.S. crude is trading around $75 per barrel while Brent is around $79.20 per barrel. Crude oil prices rallied in Asian trading, with U.S. crude up $1.17 at $75.15 per barrel and Brent up $1.29 at $79.38 per barrel.

     • Volatile lumber prices. At $602 on Sept. 21, lumber trades 64% below the record settlement. Lumber prices are up nearly 25% this month, but down 16% for the quarter. Lumber futures have been well ahead of the cash market and carry a premium to cash for delivery into next year, which is bullish.

     • Retail price of orange juice rose to an all-time high this month as severe weather threatens growing areas, according to data from Nielsen. The firm reports that the average price per gallon of orange juice rose to $7.60 per gallon. That's the highest it's been since Nielsen began reporting in 2001, eclipsing the previous record set in March.

     • Revival in the U.S. Farm Belt is in full swing, boosting markets for land and equipment and raising concerns over farmers’ escalating costs, the WSJ reports (link). A monthslong rally in prices for major agricultural commodities such as corn and soybeans is pushing up incomes for U.S. farmers and unleashing spending and investment that had been subdued for years, according to agricultural economists and executives. The run-up in land and equipment prices that has followed could leave farmers exposed if big harvests send crop prices lower again.

     • Ag demand: The United Nations has issued an international tender to buy about 200,000 MT of milling wheat on behalf of the Ethiopian government. Jordan’s state grains buyer issued a new international tender to buy 120,000 MT of animal feed barley. Algeria tendered to buy a nominal 50,000 MT of milling wheat from optional origins.

     • CFTC Commitments of Traders report (Source: Barron’s):

     • NWS weather: Isolated chances for flash flooding found across parts of the Southwest and Four Corners region through Wednesday morning... ...Cold front to bring unsettled weather and cooler temperatures for the Northwest today and Northern Rockies by Tuesday... ...Well above average and potentially record-breaking warmth found throughout the central/northern Plains and Midwest.

Items in Pro Farmer's First Thing Today include:

• Quiet start to the week
• Reuters poll: Analysts expect record Brazilian bean crop of nearly 144 MMT
• Drying to worsen on the U.S. Plains and Canadian Prairies
• Russian wheat prices still rising
• Ukraine wraps up harvest of a bumper wheat crop
• China still working to shore up domestic pork prices
• Cattle on Feed Report disappoints
• Bullish H&P Report Friday, with pork prices also surging

POLICY FOCUS

— Updates on CR, debt suspension and infrastructure measures:

• Tasks this week: Party leaders this week must deal with an end-of-year funding deadline, expired federal borrowing authority, and tough hurdles to pass a massive social welfare/climate change and infrastructure spending package. One thing is becoming clearer: Dems will likely have to figure out a way to raise the debt ceiling without the GOP, perhaps by attaching it to the social welfare and climate change spending package or taking other unilateral action.
  
  
   
• Will House Dems really take up key bills? House Democrats are set to take up both the $1 trillion bipartisan infrastructure bill and the $3.5 trillion budget reconciliation bill this week, they said over the weekend. But, the parameters of the reconciliation bill are still to be finalized, and that will take weeks if not months. The bill should be labeled SPCC for social policy and climate change. Before the measure that was approved Saturday reaches the House floor, it is expected to be changed to reflect whatever House-Senate accords have been reached, and additional revisions are likely. President Biden conceded Friday that talks among Democrats were at a “stalemate,” though House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Chuck Schumer (D-N.Y.) have been upbeat.
  
  But on Sunday, Pelosi added this: “I’m never bringing a bill to the floor that doesn’t have the votes,” she said on ABC’s This Week. That is what we’ve been reporting based on her history. "You cannot choose the date. You have to go when you have the votes, in a reasonable time," Pelosi also said. "It's an eventful week."
  
  Rep. Pramila Jayapal (D-Wash.) on the bipartisan infrastructure vote this week on CNN’s State of the Union: “I don't believe there will be a vote [Monday]. … I mean, the speaker is an incredibly good vote-counter. And she knows exactly where her caucus stands. And we have been really clear on that.”
  
  Rep. Josh Gottheimer (D-N.J.) on the BIF vote on State of the Union: “Every single Democrat in the House voted to bring it to the floor for a vote this week. We’re going to do it. We’re going to have the votes. It will come up [Monday], and we’re going to vote this week, early this week.”
  
  The New York Times on Sunday wrote, “At least for now, Democrats are evincing confidence that Schumer and Pelosi can pull off what could become a feat of legislative legend.” But Sen. Joe Manchin (D-W.Va.) told Politico in an interview published on Saturday (link) that he saw no rush, saying: “What’s the need? There is no timeline.”
   
• Pelosi has called for the House Democratic caucus to meet at 5:30pm ET, when tensions within the president’s party are likely to be evident, but a chance for Pelosi to make her case before the vote. The caucus will discuss the reconciliation bill and other agenda items, including stopgap funding to avoid a partial government shutdown starting Friday and the Senate-passed bipartisan infrastructure bill.
   
• $3.5 trillion price tag is dropping… or plunging? Pelosi said it "seems self-evident" that the final price tag for the Democrats' spending plan would be smaller than $3.5 trillion originally proposed. "Yeah, that seems self-evident. That seems self-evident" she said on ABC's This Week when asked if she would acknowledge that there would be a lower total for the package. I think even those who want a smaller number support the vision of the president," Pelosi added, referring to Democratic divisions surrounding the reconciliation measure. "We have to find our common ground, respectful of each other’s views. This isn't about moderates versus progressives," Pelosi added. "Adding up what our priorities are should take us to a number where we find common ground," Pelosi said. Pelosi also voiced confidence that the bill would pass and called the legislation "transformative,” adding, “We will make progress on it this week. We’ll see what we need, we’ll see how the number comes down and what we need in that regard.” Talking about centrist Sen. Manchin, Sen. Jon Tester (D-Mont.) said: “I don’t think Joe is unworkable, I think, look he’s fiscally conservative, OK? So, $3.5 trillion is a lot of money, it shakes into his soul. We can get to a point where we’re all happy. Maybe not tickled, but happy.” Bottom line comes from Sen. Chris Van Hollen (D-Md.): “It’s not at all surprising this is going to be a turbulent moment. The challenge is landing the airplanes on a very narrow runway, in the middle of a hurricane.”
   
• Several chokepoints ahead. Sen. Kyrsten Sinema (D-Ariz.) has privately told colleagues she will not accept any corporate or income tax rate increases, the NYT reports. And recent discussions by Senate Democrats about adding a carbon tax to the bill to both combat climate change and help replace that revenue have caused more concerns. Several New York and New Jersey Democrats have demanded the bill include the full restoration of the state and local tax (SALT) deduction, something opposed by most liberals who call it a giveaway to the rich. Rep. Alma Adams (D-N.C.) says she will oppose the bill if it does not include tens of billions of dollars more for historically Black colleges and other minority-serving institutions.
   
• Senate reconciliation. A dozen committees in the Senate have been working on their version of the legislation under the budget resolution instructions. Those committees are not holding markups like the House. Instead, Majority Leader Schumer is expected to offer a Senate substitute to any reconciliation bill that is sent over from the House, if the two chambers haven't agreed on all the details by the time the House votes on its version.
   
• Congress is taking steps to pass a stopgap gov’t funding bill by Oct. 1. 
   
• Account flows and the IRS. House Ways and Means Chairman Richard Neal (D-Mass.) said that he and other Democrats expect to set the threshold over which financial institutions must report account flows to the Internal Revenue Service higher than the $600 originally proposed by the Biden administration. The threshold could be raised to $10,000, according to a Democratic aide.

AFGHANISTAN

— U.S. is waiving key sanctions against Taliban-controlled Afghanistan. The Treasury Department said it would allow U.S. agencies, aid groups and the private sector to send food and medicine to the country amid a growing humanitarian crisis. Terror sanctions against the Islamist group have restricted trade and finance to the country after the Taliban took control last month.

— Afghanistan’s economy on verge of collapse. The U.S. spent $145 billion over two decades in Afghanistan to turn one of the poorest nations on earth into a self-sustaining economy — the boldest effort this century at Western nation-building. That project has largely failed, according to a WSJ account (link). Afghanistan’s economy did grow, and millions of Afghans gained access to education, healthcare and jobs. But the economy that the U.S. helped build relies overwhelmingly on foreign aid, most of which evaporated overnight. Afghanistan’s economy — and the welfare of its people — is on the verge of collapse following the U.S. exit last month and the Taliban takeover.

CHINA UPDATE

— China frees two jailed Canadians as Huawei CFO is allowed to return to China. Prime Minister Justin Trudeau of Canada confirmed the release of Michael Kovrig and Michael Spavor. Their detention was widely seen as retaliation for the arrest of Meng Wanzhou, who returned to China after cutting a deal with U.S. prosecutors. Meng Wanzhou landed in China on Saturday evening, after nearly three years under house arrest in Canada, to a hero's welcome cheered by supporters in a homecoming state media is portraying as a sign of a strong country and a diplomatic coup for Beijing.  

     Impact? The nationalist propaganda blitz surrounding Meng’s return to the southern city of Shenzhen, where Huawei is headquartered, was an indication that U.S./China relations remain rocky, especially following President Biden’s recent announcement of a trilateral military pact with Australia and the U.K. But observers say it could open up trade with Canada.

     Meng Wanzhou, the presumed heir of Chinese tech giant Huawei, returned home to a hail of nationalist fanfare on Saturday night, after almost three years fighting US extradition charges from Vancouver. © Jin Liwang/Xinhua/AP

— After two years of soaring pork prices, China now faces the opposite problem: a depressed market for the staple. Pork prices in the world’s biggest market have tumbled more than 56% since January, after two years in which many of China’s hog farmers were struggling to control the spread of African swine fever, the WSJ reports (link) At one point, the country’s pig population was down by about 40% from a year earlier, resulting in pork shortages. Chinese farmers spent much of last year rebuilding their herds, before domestic pork supplies normalized, and prices began sliding.

— U.S. August exports to China under Phase 1 agreement: Census. The following table is a summary of U.S. exports to China, tracking items listed in the Phase 1 agreement. Preliminary data is from a U.S. Census Bureau’s special report, final data is from the agency’s database.
    

TRADE POLICY

— U.S./EU Trade & Technology Council will meet for the first time on Wednesday in Pittsburgh. According to a draft memo seen by Reuters, the U.S. and EU will discuss taking a more unified approach against big tech companies' power, including through sharing information and antitrust, among other announcements related to climate, trade and supply chains. Link for details via the WSJ.

ENERGY & CLIMATE CHANGE

— Wait is still on for an EPA announcement on RFS details as Friday came and went with no such word from the agency. Early in the week, Sen. Chuck Grassley (R-Iowa) told reporters that had had been advised the information would come out on Friday. But as Friday unfolded, other lawmakers indicated that would not be the case, including Rep. Cindy Axne (D-Iowa) on AgriTalk.

     RFS proposals from EPA are still showing as being under review at the Office of Management and Budget (OMB) Tuesday and Wednesday of this week.

     Lack of an announcement Friday has spurred speculation on whether the lack of an announcement means the White House has gotten involved as renewable fuels backers had pushed to try and alter the proposed levels that reportedly would be lower for 2020, 2021, and 2022 than the final levels that were approved originally for 2020.

— IRS renewables safe harbor extension due to Covid. The IRS extended a safe harbor for taxpayers building renewable energy projects in order to give developers a break amid the delays and disruptions caused by the Covid-19 pandemic, an IRS attorney said Friday. The June move (Notice 2021-41) extended the period in which a renewable energy project must begin service to qualify for production and investment tax credits. “It’s just creating extra flexibility for everyone,” said Jennifer Bernardini, an attorney for the IRS’s Passthroughs and Special Industries unit, speaking at a virtual conference of the American Bar Association’s tax section. As a result of the move, renewable-energy facilities that began construction in the years 2016 through 2019 now have six years after construction begins before they must be placed in service. Projects that began in 2020 now have five years.

— Russian gas giant Gazprom dismissed speculation and accusations that it is not supplying enough natural gas via pipeline to Europe, a senior official at Gazprom Export said, just days after the IEA demanded Russia deliver more nat gas to a continent facing an unprecedented energy crisis. Link to details via oilprice.com. So far in 2021, Gazprom’s gas deliveries to Europe have reached historic highs, Sergey Komlev, Head of the Contract Structuring and Pricing Directorate at Gazprom Export, wrote in an article for Gazprom’s corporate magazine, as carried by Russian news agency TASS. Germany, Turkey, and Italy — some of Gazprom’s largest customers — all boosted imports of Russian gas in the first half of 2021, the manager said. Gazprom’s exports to European countries rose by 23.2% between January and July, Komlev added. “These figures prove the absurdity of accusing Gazprom of supply shortage,” the executive noted. Germany, Turkey, and Italy — some of Gazprom’s largest customers— all boosted imports of Russian gas in the first half of 2021, the manager said.

     Calls for investigation. More than 40 members of the European Parliament from all political groups have reportedly urged the European Commission to launch an investigation into Gazprom over alleged market manipulation that could have contributed to the record-high natural gas prices in Europe.

     BP says panic buying has caused 30% of its 1,200 gasoline stations in the U.K. to run out of the two main grades of fuel. A lack of truck drivers began to hit some fueling stations earlier this week, and lines of vehicles formed at stations over the weekend as some motorists waited for hours to fill up tanks.

     Royal Dutch Shell also says it has seen heavy demand across its network, which has caused some stations to run low on some grades.

     The U.K. gov’t said it would issue temporary visas for 5,000 foreign truck drivers, but business leaders say it is not enough to solve a labor shortage that risks major disruption beyond fuel deliveries, including for retailers ahead of the Christmas season.

LIVESTOCK, FOOD & BEVERAGE INDUSTRY

— Fertilizer production may impact the meat industry due to supply-chain constraints. Fertilizer plants use natural gas to make ammonia by adding nitrogen (from the air). Several big fertilizer producers have already been forced to cut back production. But because carbon-dioxide (CO2) is a key by-product in modern fertilizer plants, this food-grade CO2 is then used to stun animals for slaughter in the meat industry and for injection in packaging to extend shelf-life. So, natural gas shortages may impact meat supply, as the British Meat Processors Association (BMPA) has warned. That’s why some observers note that even if the gas shortages are overcome, the impact will continue to reverberate through the various markets that depend on gas, potentially creating new hiccups and headaches in other chains.

CORONAVIRUS UPDATE

— Summary: Global cases of Covid-19 are at 231,895,916 with 4,749,498 deaths, according to data compiled by the Center for Systems Science and Engineering at Johns Hopkins University. The U.S. case count is at 42,931,572 with 688,041 deaths. The Johns Hopkins University Coronavirus Resource Center said that there have been 390,114,328 doses administered, 183,670,870  have been fully vaccinated, or 55.95% of the U.S. population.

— Vaccines around the world. The U.S. and other rich countries such as Israel and the U.K. are doling out third shots, while in low-income countries — the vast majority of which are in Africa — just 2.2% of people have received even a single dose.

— WHO seeks to revive inquiry into origins of Covid-19. The World Health Organization (WHO) is assembling a new team of about 20 scientists, whose members will be chosen by the end of the week, with a mandate to hunt for new evidence in China and elsewhere. The latest effort could encounter resistance from Beijing.

— Are gov’t advisory committee members required to get vaccines? Dr. Francis Collins, director of the National Institutes of Health, on Friday’s AgriTalk program, said private citizens on various government advisory boards would not be required to take Covid vaccines, unlike gov’t employees. A listener emailed: “My son is on the county FSA advisory board here in Minnesota and he received an email this week stating he is required to receive the Covid-19 vaccine if he wants to stay on this board.”

POLITICS & ELECTIONS

— Texas Gov. Greg Abbott on Biden’s threat that border agents could lose their jobs: “I have worked side by side with those border patrol agents, I want them to know something: If they are at risk of losing their job, got a president who is abandoning his duty to secure the border, you have a job in the state of Texas. I will hire you to help Texas secure our border,” he said on Fox News Sunday.

— Olaf Scholz of the center-left Social Democrats defeated Chancellor Angela Merkel’s conservatives in an extremely tight German election. There now will likely be months of complex coalition talks to decide who will lead Europe’s biggest economy. Leaders of both parties said they aim to head the next government, while the Greens and the pro-business Free Democrats will hold sway in the new political order.

CONGRESS  

— Highway Trust Fund gets infusion ahead of infrastructure vote. The Federal Highway Administration says it has enough money to keep highway projects running in the coming weeks, as Congress faces a Sept. 30 deadline to reauthorize surface transportation. The agency said the IRS’s Highway Trust Fund certification increased the highway account balance by $2.1 billion. The Senate-passed traditional infrastructure measure (HR 3684) carries a multiyear reauthorization of surface transportation programs.

OTHER ITEMS OF NOTE     

— DHS: More than 12,000 migrants from Del Rio surge have been released into U.S. The secretary of the Department of Homeland Security stated on Sunday that the majority of Haitian migrants who recently crossed the Mexican border to Del Rio, Texas, have been released into the United States, with possibly more to follow. "Approximately, I think it's about 10,000 or so, 12,000," DHS Secretary Alejandro Mayorkas told Fox News Sunday, adding that the number could go up as the 5,000 other cases are processed. Citing Department of Justice data, Fox News host Chris Wallace suggested that 44% of migrants released into the U.S. miss court appearances, raising questions about the Biden administration's handling of the cases of thousands of Asylum seekers. Mayorkas underscored that the system for immigration is working and that "enforcement guidelines" would be met for those who do not appear for court hearings. "We have enforcement guideline in place that provide the individuals who are recent border crossers who do not show up for their hearings are enforcement priorities and will be removed," he said.

EVENTS AND REPORTS

Monday, September 27

· Federal Reserve. Chicago Fed President Charles Evans, New York Fed President John Williams and Fed Governor Lael Brainard to speak.
· NABE annual meeting. National Association for Business Economics (NABE) 63rd annual meeting, with the theme "Shocks, Shifts, and the Emerging Economic Landscape," including remarks from Chicago Fed President Charles Evans, Fed Governor Lael Brainard.
· Net zero and oil and gas. Atlantic Council virtual discussion on "Leading Oil and Gas into a Net-Zero World."
· Carbon issues. International Energy Forum virtual discussion on "Strategies to Scale Carbon Capture, Utilization and Storage."
· German elections. German Marshall Fund of the United States virtual discussion on "The Polls Have Closed in Germany: An Election Readout."
· 5G. MITRE virtual 2021 Open Generation 5G Summit with the theme "Getting to Our 5G Future Faster.”
· SEC committee meeting. Securities and Exchange Commission webcast of the Asset Management Advisory Committee.
· SEC small business committee. Securities and Exchange Commission teleconference of the Small Business Capital Formation Advisory Committee on matters relating to rules and regulations affecting small and emerging businesses and their investors under the federal securities laws.
· Energy markets. Middle East Institute (virtual discussion on "Energy Markets in the Middle East."
· Renewable energy. National Press Club Headliners Luncheon address with Jerome Pecresse, CEO of GE Renewable Energy.
· Climate workforce. Environmental and Energy Study Institute virtual discussion on "The Growing Climate Workforce: How Policies Today Could Shape the Jobs of Tomorrow."

· Economic reports.  Durable Goods Orders  | Dallas Fed Mfg. Survey     

· USDA reports. AMS. Export Inspections NASS: Peanut Stocks and Processing | Crop Progress