Welcome to the (weird) Dem convention

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Welcome to the (weird) Dem convention
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Banking and financial services are not likely to play a big role in the convention given the focus on Covid, Trump and social justice. But Sens. Bernie Sanders and Elizabeth Warren will certainly mention the need to re-establish tougher banking regulations

— WSJ’s Gunjan Banerji and Gregory Zuckerman: “The presidential election is three months away, but some traders are preparing for the possibility that prolonged political uncertainty will stoke stock-market mayhem.

“Federal Reserve officials and private economists alike have emphasized that a sharp drop-off in government spending imperils a recovery from the historic collapse in gross domestic product last quarter. But the impasse between Republican and Democratic negotiators over renewed coronavirus relief proved no bar to the S&P 500 Index notching a third straight week of gains.”— Bloomberg’s Amena Saad: “Tech behemoths have been Wall Street’s obsession all year.

“To finance that ambitious agenda, the Democratic presidential candidate plans to raise taxes by about $4 trillion over a decade through levies on corporations and high-income households. But winning the presidency won’t be enough to get that done. The Democratic Party also will have to win a majority in the Senate while maintaining control of the House of Representatives.

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