Senate Reaches Deal To End Government Shutdown

Update: and there it is, the government shutdown is officially over after 2 and a half days.

  • SENATE DEAL REACHED TO END U.S. GOVERNMENT SHUTDOWN: SCHUMER
  • SCHUMER SAYS HAS COME TO AN ARRANGEMENT WITH REPUBLICAN LEADER MCCONNELL ON FUNDING BILL
  • SCHUMER SAYS THERE’S A `REAL PATHWAY’ FOR DACA BILL IN SENATE
  • SCHUMER SAYS WILL CONTINUE NEGOTIATING IMMIGRATION LEGISLATION FOR ‘DREAMERS’

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Risk assets have caught a bid following a report from Talking Point Memo, according to which some 10 minutes before the Senate vote is due to begin about extending short term funding, Senate Democrats are set to accepting a deal to end the government shutdown in exchange for the promise of a vote on the DREAM Act in the coming weeks.

Subsequent headlines from Reuters appears to validate that we may be on the verge of a deal:

  • REPUBLICAN SENATOR FLAKE SAYS HE THINKS SENATE HAS ENOUGH VOTES TO MOVE FORWARD ON STOPGAP GOVERNMENT
  • DEMOCRATIC SEN. MANCHIN PREDICTS SHUTDOWN COULD RESOLVE TODAY
  • MANCHIN: TALKS `VERY POSITIVE,’ GOVT COULD REOPEN LATER TODAY

As a reminder, DACA remains the most contentious issue preventing Democrats from voting to end the shutdown. According to TPM, three sources have said that the details of the deal aren’t yet clear but that a deal is “all but certain late Monday morning’.

“There’s a deal and the vote will likely have room to spare above 60,” one source told TPM.

CBS White House reporter Steve Portnoy adds that the votes to end the shutdown could be as many as 70.

Manchin, who is certain that a deal is done, tells reporters that there will be enough votes, while Sen. Bill Nelson said “you’ll see a resounding yes,” when the vote is called. Other Democratic lawmakers quoted by Bloomberg said they were making progress; Gary Peters says “feeling good” ahead of vote; Chris Coons says “encouraged” by statements Majority Leader Mitch McConnell has made and encouraged reporters to watch the upcoming vote

“You’ll hear from us shortly,” Senate Democratic Leader Chuck Schumer said heading to Senate floor.

Looking at markets, there has been a modest knee jerk reaction higher in the dollar, with yields ticking up in response and USDJPY rising above 111.00 in what appears to be a relief rally.

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Stocks are extending the dip-buying ramp…

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