What To Look Out For Today - The Three Congressional Scenarios
January 1, 2013 - 10:27am
From Citi's Steven Englander What To Look Out For Today: Posturing OK, But Watch Out For Amendments The key for markets when they reopen is whether the House passes the fiscal cliff fix. Bother Boehner and Pelosi have indicated they support bringing the bill to a vote but they have not endorsed it. There are reports that the House vote would be as early as 2PM but that seems unlikely given the need for debate and posturing. Other reports suggest a vote around 5PM. The key is not when the vote occurs or how much Representatives denounce the imperfections of the fix, but whether they get a majority to pass it. So it’s a case of ignoring the rhetoric and seeing how many votes there are, and for reasons discussed below they are likely to be there. The news that would tank markets when they open is the House passing the bill with significant amendments. It is unlikely that Democrats have t...
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