Bonds & Stocks
Wall Street traders rushed to the riskiest corners of the market, with stocks climbing alongside Bitcoin as the US Senate advanced a plan to end the longest-ever government shutdown. The US Senate took a major step toward re-opening the government after a group of moderate Democrats broke with their party leaders and voted to support a deal to end the record-breaking shutdown. Ending the shutdown would give investors access to economic data and more clarity on the outlook for Federal Reserve policy, allowing traders to re-focus on the underlying economy.
Economy
Democrats failed to achieve their goals of renewing tax credits to prevent insurance premium price hikes and showing voters they can negotiate in President Donald Trump's Washington as the record-long shutdown neared its end. A group of eight Democrats broke with their party to vote with Republicans to advance a bill to re-open the government, which doesn't include the extension of the Affordable Care Act subsidies that Democrats sought. Democrats will now seek to use the upcoming vote on health-care tax credits to launch a midterm campaign around health care, and will try to make the case that Republicans are to blame for skyrocketing health premium costs if they block an extension of the credits.
World
US President Trump granted Hungary an exemption from sanctions on purchases of Russian oil, providing a major win for Prime Minister Viktor Orban. Hungary has won a “general, indefinite exemption” on purchases of Russian oil and natural gas via two main pipelines, according to Orban. The deal includes Hungary agreeing to US energy investments, such as a $114 million contract with Westinghouse Electric Co. and a commitment to spend $600 million on US liquefied natural gas.