Hey Influence Traders,
We’ve got a climate summit in Glasgow (it was a real snooze fest for some), spending bill drama on the Hill, a tight race in Virginia and a Fed meeting.
I’ll discuss all those things today, but I’ll also be going deep on those topics tomorrow with Option Pit CEO Mark Sebastian and Power Income guru Bill Griffo.
We are going to hold a special Option Pit Insiders meeting tomorrow at 4pm EST.
And clicking here is the only way to get in.
In the meantime, let’s get an update …
When India makes the most exciting announcement at a meeting of world leaders, you know it must be a snooze fest.
India will go carbon neutral … by 2070.
Since President Biden did not have a domestic climate spending bill to tout at the meeting, his opening comments fell flat, although he did state that the US has a plan to achieve “net-zero” greenhouse gas emissions by 2050.
The White House released a whitepaper on its website in support of that plan.
He is stepping it up on Day 2 by taking a leadership role on reducing methane.
The president announced that more than 90 nations have signed onto a U.S.-EU pledge to collectively reduce global methane emissions 30% below 2020 levels by 2030.
Of course, the meeting has drawn the disdain of climate activists who noted that the estimated 13,000 tons of CO2 produced by the jets flying into Glasgow for the meeting is as much as 1,600 Britons produce in a year.
Joe Manchin is done with the progressives in the party holding up a vote on the infrastructure bill to force a vote on the boondoggle spending bill that he says “no one understands.”
Manchin is demanding that a vote take place immediately on the infrastructure bill.
In typical fashion, the progressives showed little care for Manchin’s thoughts.
Rep. Pramila Jayapal, head of the Congressional Progressive Caucus, said that, “We intend to pass both bills through the House in the next couple of days.”
In productive comments, Rep. Cori Bush referred to Manchin as “anti-Black, anti-child, anti-woman and anti-immigrant.”
Speaking of Pelosi, whom I guess is still in charge, she indicated that she will try to bring the bills for vote this week.
Even if she gets the spending bill passed in the House its future in the Senate is not certain.
The Hill needs to act as there are other deadlines looming.
Dec. 3 is the next pivotal date as that is when the extended transportation funding that was put into place to buy time for the infrastructure bill runs out.
It’s also the date when the country is expected to hit the debt ceiling.
Democrats punted on these issues a month ago, and they are again looming.
VA Gubernatorial Race
All eyes are on the race in Virginia.
A few recent polls have Republican Glenn Youngkin with a slight lead over Terry McAuliffe.
I don’t put a lot of faith in polling.
And this is a litmus test race for the Dems so they are spending big and bringing out the big guns.
That can draw a lot of last minute voting activity.
It will be fun to watch and even more fun to discuss the fallout in detail tomorrow during our exclusive Option Pit Insiders session.
The outcome just might dictate how the resolution of the spending bills plays out.
The Fed begins its two-day meeting today.
The prognosticators believe that the Fed will scale back asset purchases.
On top of the US, traders have priced in an upcoming 15 basis point hike from the Bank of England, which will be an attempt to stave off a surge in inflation.
Join us tomorrow LIVE for reaction to the fallout, attendee-only trades and a month of full access to Mark’s Big Money Flow!
Cutting Through the Noise for You.