Afternoon summary
Time for a recap….
Credit rating agency Moody’s has warned that a US government shutdown would harm the country’s credit, as politicians on Capitol Hill try to agree a spending bill before this weekend’s deadline.
Economic growth in the U.K. is set to remain muted well into 2024, S&P Global Ratings have warned in a new report.
The pound has dropped to a new six-month low against the US dollar, and is trading around $1.2175 this afternoon.
JPMorgan Chase has reached a $75m settlement with the U.S. Virgin Islands (USVI) to resolve a lawsuits over sex trafficking by the disgraced financier Jeffrey Epstein.
Here’s the rest of today’s stories so far:
The race to avoid a US government shutdown this weekend has begun again.
The House and Senate are both back in session today and will make a last-ditch effort to stop the government shutdown expected on 1 October.
My colleague Chris Stein explains:
According to media reports, the Senate’s Democratic leadership plans at 5.30pm eastern time today to hold a vote on a measure that will keep the government open for 45 days and include little funding for disaster relief or Ukraine’s war effort that party leaders want.
Assuming the so-called “clean” continuing resolution passes the chamber, it will go the House, where such a bill would normally attract bipartisan support.
He’s tracking all the action here:
