House leaders have not set a date for the vote yet, but Majority Leader Steny Hoyer, a Democrat from Maryland, has said it could happen this week. The US elections are now only five weeks away to the day.
"If they can strike something that's reasonable on both sides, then we do have a good chance to get something done before the election, or right after, which would benefit both parties and the general economy," Cuggino said on CNBC's"Squawk Box Asia." He said lawmakers"need to be careful of not lumping other problems like state budget deficits, for example, that were accumulated through bad management to creep into COVID and assistance programs."4 reasons why the stock market will be volatile throughout October. And 3 reasons why this presents opportunities, Evercore says
Cuggino pointed out that while short-term market volatility will smooth out, there will be longer-term implications for the election results once the dust settles after the winner is confirmed. Until that happens, investors can expect headline risk and volatility risk"going in all different directions."
"We've seen multiple debates before. We've seen October surprises and the like," he said."They haven't really resulted so much in terms of any long-term impact on the market or even shorter-term trends beyond the headline."
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