Stocks, Yields Jump After Pelosi, Schumer Back Bipartisan $908BN Relief Plan
Update: shortly after 2pm, with neither they party making any headway in its own stimulus proposal, Democrats Pelosi and Schumer announced they back the $908 billion bipartisan plan (profiled below) as the foundation for future negotiations.
"In the spirit of compromise, we believe the bipartisan framework introduced by Senators yesterday should be used as the basis for immediate bipartisan, bicameral negotiations" the top House and Senate Democrats said. "Of course, we and others will offer improvements, but the need to act is immediate and we believe that with good-faith negotiations we could come to an agreement."
While it remains unlikely that Mitch McConnell will agree to the Bipartisan plan, news that Democrats have made a tentative compromise and have lowered their (initial) funding needs to just above $900 billion was enough to send 10Y yields surging…
https://www.zerohedge.com/markets/despite-growing-optimism-new-stimulus-deal-two-sides-remain-far-apart