On Thursday, the Senate voted to increase the nation’s debt ceiling by $480 billion. That’s the amount the Treasury Department said it would need to get to Dec. 3. The vote will now move to the House before heading to President Biden’s desk. House Speaker Nancy Pelosi hinted in a letter that the House may have to return early from recess to vote on the legislation. The House was expected to return Oct. 19 — one day after Yellen warned lawmakers the U.S. would default.

 

ABC News/Trish Turner,Allison Pecorin, andLibby Cathey
Senate votes to raise debt limit after 11 Republicans join Democrats to break filibuster

After weeks of brinkmanship, the Senate voted Thursday night to temporarily raise the debt limit by $480 billion until Dec. 3.

The procedural move to break the GOP filibuster, which required 60 votes, was the first hurdle cleared, with a final count of 61-38. At least 10 Republicans needed to side with all Democrats to clear the hurdle to move forward to a final vote; 11 ultimately voted to advance the vote.

Democrats then raised the debt limit with a simple majority — 50-48. No Republican voted with Democrats to raise the debt ceiling.

Before the debt hike hits President Joe Biden’s desk, it also needs to pass the House.

Read the entire story, here.

 

Market Insider/Ethan Wu
Popular leveraged funds could burn retail investors and shock the wider financial system, Gary Gensler says

Leveraged exchange-traded funds, much loved by retail investors, could pose a systemic threat to the financial system, Securities and Exchange Commission Chair Gary Gensler said in a statement this week.

He has directed SEC staff to study the universe of risky exchange-traded products and consider rules to protect individual investors.

“For more than a decade, SEC [officials] have been warning the public that these products, often called ‘complex ETPs,’ can pose risks to individual investors,” Gensler said Monday.

“These ETPs, however, can pose risks even to sophisticated investors, and can potentially create system-wide risks by operating in unanticipated ways when markets experience volatility or stress conditions,” he added.

You can read the full story, here.

 

Kitco News/Neils Christensen
Gold price pushing higher following another disappointing employment report, 194K jobs created in September

Gold prices are pushing higher as the U.S. labor market showed further weakness as fewer American’s found jobs in September, potentially putting a crimp in the Federal Reserve’s plan to shift its monetary policy before the end of the year.

Friday, the Bureau of Labor Statistics said 194,000 jobs were created last month. Economists were expecting to see job gains of around 490,000. This is the second consecutive month employment has missed expectations.

The gold market was in positive territory ahead of the data and has added to its gains. December gold futures last traded at $1,700.00 an ounce, up 0.61% on the day.

Although the headline number was significantly weaker than expected, the report noted some positive trends. The unemployment rate fell to 4.8% in September, down from August’s reading at 5.2%. Economists were expecting the unemployment rate to fall to 5.1%.

Continue reading, here.

 

 

 

 

 

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