But Congress passed a stopgap funding bill late on Saturday with Democratic support after Republican House Speaker Kevin McCarthy backed down from an earlier demand by his party's hardliners for a partisan bill. While positive for the economy in the short term, the temporary extension only keeps the government functioning to Nov. 17, McCarthy faces attempts by right-wing factions to remove him and concerns about the stop-go nature of the U.S. system of public financing will weigh on its only trip-A credit rating. What's more, the political machinations to force the stopgap bill left out additional military aid for Ukraine - at a critical juncture in its attempt to repel a Russian invasion.
Traders work on the floor of the NYSE in New YorkA six-week reprieve for U.S. government funding that keeps public services functioning through mid-November has been enough to give stocks and bond yields a lift as the final quarter of 2023 gets under way.
What's more, the political machinations to force the stopgap bill left out additional military aid for Ukraine - at a critical juncture in its attempt to repel a Russian invasion. U.S. Treasury yields, whose relentless rise of late has been at the heart of market disturbances as it prices "higher for longer" interest rates, pushed higher again on Monday too. Ten-year yields were up five basis points to 4.62% - just shy of last week's 16-year peak of 4.69%.The dollar was higher too, with the dollar/yen exchange rate probing just under the 150 level many suspect will sound intervention alarm bells at the Bank of Japan.
Consensus forecasts are for another 163,000 rise in non-farm payrolls last month, down from the 187,000 gain in August and with an expected downtick in the unemployment rate to 3.7%. It's a big labor week all round, with August job openings data due on Tuesday and private sector payroll numbers from ADP out too.
* Federal Reserve Chair Jerome Powell participates in roundtable with workers, small business owners in York; Fed Vice Chair for Supervision Michael Barr, Cleveland Fed President Loretta Mester and New York Fed chief John Williams all speak A new video appears to show a Russian tank hitting a mine in southern Ukraine, catching fire and sinking in a to a body of water.Melania Trump renegotiating her prenup doesn't signal divorce — it could actually be a maneuver to help Donald amid his legal troublesFormer California Gov.
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