US Senate Majority leader McConnell offers support for power-sharing agreement with Democrats

Dhwani Mehta FXStreet

US Senate Republican leader McConnell offered support for a power-sharing agreement with Democrats, Reuters reports.

Key quotes

“I’m glad that two Senate Democrats confirmed today they will not vote to end the legislative filibuster. They agree with President Biden and me on protecting the Senate.”

“With this win, we can move forward with a 50-50 power-sharing agreement built on the 2001 precedent.”

Meanwhile, on the covid relief bill, Democratic Majority Leader Chuck Schumer said, “We’ll try to get that passed in the next month, month and a half.”

“Will it be easy in the Senate? No. But it’ll be a lot easier because I can determine what’s put on the floor, not (Senate Minority Leader Mitch) McConnell,” he added.

Market implications

Markets remain in limbo amid encouraging vaccine news, new covid strain concerns and the stimulus gridlock. Also, focus shifts to the two-day FOMC meeting, starting later on Tuesday, for fresh trading impetus.

At the press time, the US dollar index turns south again to trade around 90.35 while the S&P 500 futures drop 0.35% on a daily basis to 3,835 points.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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