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13 Aug 2020
The US Treasury Secretary, Mnuchin: Pelosi unwilling to meet to continue negotiations
The US Treasury Secretary, Steve Mnuchin, has said that he spoke to House Speaker Pelosi earlier today.
Key comments
Pelosi unwilling to meet to continue negotiations unless agreed in advance to her proposal costing at least $2tln.
Democrats have no interest in negotiating.
Market implications
Sticking points on reaching a deal include the size of an extended unemployment benefit, aid for state and local governments and reopening of schools.
This is not going to resolved at a drop of a hat, yet markets are sidestepping the pending risk for the US consumer, instead, presuming a deal will be struck.
The S&p 500 rallied to test the all-time closing high on Wednesday.