The KUIK Market Update for Wednesday, September 6:
Markets are mixed.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
73
points
21,826
8:08 AM
S&P500
Up
0.2%
percent
2,462
3.75
Nasdaq Composite
Down
-0.2%
percent
6,365
(10.11)
30 Year Treasury
Unchanged
–
Basis Points
2.69
Annual Yield
Politico reports the Senate plans to amend a Hurricane Harvey relief bill with a debt-limit increase that will last through the end of 2018 because lawmakers would rather not have to vote to lift the debt limit more than once this Congress, and lifting the limit for that long gets beyond the November 2018 midterm congressional elections. The House plans to vote today on a $7.9 billion disaster aid package to help Texas and Louisiana rebuild.
The U.S. will lose its Triple-A rating if it violates the debt ceiling, even if it quickly acts to meet its obligations, according to Moody’s Investor Services. The Treasury estimates it will reach the debt limit by September 29. , and there’s concern that despite the assurances of Treasury Secretary Steven Mnuchin and House Speaker Paul Ryan, it won’t get lifted in time. Moody’s says the “Treasury would prioritize interest payments over other expenses to preserve the full faith and credit of the government, and to avoid disruptions in the financial markets.”
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
