Congress returns to Washington next week for a “lame duck” session after an election that maintained GOP majorities in both houses of Congress and put a Republican Donald Trump in the White House. Action on Barack Obama’s Supreme Court nominee, Merrick Garland, is off the table. The Wall Street Journal reported Obama administration officials said last Friday that the Trans Pacific Partnership has no way forward. The failure to pass the 12-nation Pacific trade deal which was the biggest trade agreement in more than a decade is a bitter defeat for the outgoing Obama.
Federal government operations are funded through Dec. 9, and the government would partially shut down if Congress doesn’t act. More than 30 tax provisions are due to expire at the end of the year, including several for renewable energy.
Natural-gas futures are up almost 6% as traders bet that weather will provide a boost in demand that will help work off record inventory ahead of the peak winter heating season. December crude is off 1.6% to $42.70 a barrel on track for their lowest close in three months as traders lower the odds of an OPEC production cut later this month.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
