Treasury Secretary Scott Bessent said that active military service members will miss their paychecks by Nov. 15 if the government shutdown persists, while suggesting that it’s not certain that all of them will be paid at the start of November.
“I think we’ll be able to pay them beginning in November, but by Nov. 15 our troops and service members who are willing to risk their lives aren’t going to be able to get paid,” Bessent said during CBS’s “Face the Nation” on Sunday morning.
The shutdown, which was initiated on Oct. 1, has furloughed around 750,000 federal employees and left others working without pay. Troops, however, have been paid by the Trump administration during the funding lapse after money was shifted money.
A private donor also sent the government a $130 million check to help cover the paychecks of around 1.3 million active service members, confirmed President Donald Trump last week. The individual who made the donation doesn’t want to be named, he said.
“He called us the other day and he said, ‘I’d like to contribute any shortfall you have because of the Democrat shutdown. I’d like to contribute, personally, contribute any shortfall you have with the military, because I love the military and I love the country, and any shortfall, if there’s a shortfall, I’ll contribute it,’” Trump said in a a roundtable meeting with his Cabinet members.
The funding lapse that sparked the shutdown came about after members of Congress could not—and still are unable to—agree on funding the government.
Democrats insist that a measure to reopen the government include a permanent extension of Affordable Care Act subsidies that are set to expire at the end of the year. They also demand the reversal of provisions from the One Big Beautiful Bill Act, which was signed into law in July, that exclude asylum seekers, refugees, and those on certain visas from qualifying for Affordable Care Act coverage starting in 2027. Republicans have said that Democrats’ demands are akin to a hostage situation and said these issues should be debated separately, rather than as a condition for reopening the government.
On Sunday, House Minority Leader Hakeem Jeffries (D-N.Y.) told CBS that there is an urgent need to reopen the government.
“Which is why we continue to demand that Republicans sit at the negotiating table so we can enact a spending agreement that’s bipartisan in nature,” Jeffries stated.
“That’s what we’ve called for from the very beginning.”
He added that Democrats’ ongoing intransigence over voting for a GOP-backed plan to reopen the government would effectively be them supporting a “spending bill that continues to gut the healthcare of the American people, in an environment where Republicans have already enacted the largest cut to Medicaid in American history.”
When Bessent was asked about the possibility of congressional Democrats having a meeting with Trump, the Treasury secretary said, “I don’t know what good it does.”
“This is a Democratic-led boycott, and I’m just not sure what they’re doing,” Bessent also said, urging moderate Democrats to “be heroes” and join Republicans in voting to reopen the government without conditions.
Other than military pay, the U.S. Department of Agriculture (USDA) and states have warned that the shutdown could imperil the Supplemental Nutrition Assistance Program food stamps program starting Nov. 1.
“Bottom line, the well has run dry,” the USDA recently said in a post on its website while chastising Democrats for refusing to vote to reopen the government.
“They can continue to hold out for healthcare for illegal aliens and gender mutilation procedures or reopen the government so mothers, babies, and the most vulnerable among us can receive critical nutrition assistance.”
Watch: Schwarzenegger Terminates Jake Tapper’s Entire Argument Over Gerrymandering
Former California Governor Arnold Schwarzenegger gave CNN‘s Jake Tapper a sharp rebuke after the anchor suggested that gerrymandering is primarily a Republican issue.
“No, Jake. There has been gerrymandering going on for 200 years,” Schwarzenegger hit back, noting that both Massachusetts and New Mexico are prime examples of it.
“In a state like Massachusetts, it has like 40% of the people voting for Trump, they have zero representatives,” he said. “The Republican Party has zero representatives sent to the House. Think about that.”
In New Mexico, “45% of the people voted for Trump and vote Republican, and zero is sent to the House, zero representatives from the Republican Party,” he continued.
NEW: Arnold Schwarzenegger claps back at CNN’s Jake Tapper, calls out “extreme gerrymandering” in blue states.
Tapper: “Do you believe that the Republican Party is starting this?”
Schwarzenegger: “No, Jake. There has been gerrymandering going on for 200 years.”
“I think when he – when they say this is temporary, there is no such thing. I mean, the longest programs are government programs that are temporary. Okay, just remember that if this is a tax program or if it is the redistricting program, anything that is temporary with government is permanent,” Schwarzenegger told Tapper.
The former governor stepped back into the political arena in August to crusade against partisan redistricting, joining former GOP Speaker Kevin McCarthy (R-CA), donor Charlie Munger Jr., and state GOP legislators – in opposing a plan by California Governor Gavin Newsom to stage a special election this fall to bypass the Golden State’s independent redistricting commission so they can gerrymander mid-decade.
The California plan would effectively nullify Republican redistricting in Texas.
“In the year 2032 when the independent redistricting commission is supposed to come back, they‘re going to say, ‘Wait a minute. There‘s still gerrymandering going on in Texas. There‘s still gerrymandering going on in Ohio. There‘s still gerrymandering going on in Florida. We have to continue with gerrymandering.’ This is what‘s going to happen. They will find an excuse. So therefore I don‘t think it is temporary. So that‘s total fantasy,” Schwarzenegger said.
And of course, Tapper brought up that Arnold’s dad was a Nazi.
While discussing Senate Democrat hopeful Graham Platner’s Nazi tattoo and the leaked Young Republicans group chat, Tapper said: “The reason I bring [these controversies] up is because you have spoken so movingly in the past about your father‘s membership in the Nazi Party—denouncing it. What is your message to anybody in politics today embracing or praising Nazis or Hitler in any way?”
After a pause Schwarzenegger admitted that he didn’t “know anything” about the scandals, but said “I can just tell you one thing… Anyone that idolizes Nazis, it‘s bad news. Because we have been there before, and we have seen the outcome.”
“There are no winners, okay? It‘s that simple. And I think that‘s not the direction we want to go.”
Schwarzenegger’s father Gustav was a member of the Nazi party until he was wounded in the Battle of Leningrad in 1943.
2Y Auction Tails As Foreign Buyers Balk Ahead Of Rate Cut But Directs Soar To 2nd Highest Ever
Thanks to this week’s accelerate bond auction schedule, the result of Wednesday’s FOMC decision, moments ago we got the first of two coupon auctions scheduled for today when the Treasury sold $69 billion in 2Y notes in what was an ok auction.
The offering priced at a high yield of 3.504%, down from 3.571% in September and the lowest since August 2022. The bond also tailed the 3.503% When Issued by 0.1bps, the first tail for the tenor since April.
The bid to cover rose modestly from 2.513 in September to 2.590 which was just above the 2.581 six-auction average.
The internals were interesting: while Indirects dropped to just 53.7% from 57.8% in September, the lowest since March 2023 (when banks were blowing up left and right), it was Directs that stole the show by taking down a whopping 34.8%, the second highest on record.
The left 11.6% for Dealers, right on top of the recent average of 11.5%.
Overall, this was a mixed auction, with the tail and drop in foreign demand negatives, but offset by the relentless demand for paper by domestic Direct bidders (i.e. everyone who is not a primary dealer), suggesting that demand remains solid if hardly stellar, especially with the Fed set to cut rates in 2 days.
Army installations within the lower 48 states will have operating nuclear microreactors starting in the fall of 2028 if the Army’s Janus program moves forward on schedule.
The addition of nuclear power will diversify the energy sources available on military bases and provide a critical enhancement to their resiliency, the Army says.
“What resilience means to us is that we have power, no matter what, 24/7,” Dr. Jeff Waksman, Principal Deputy Assistant Secretary of the Army for Installations, Energy and Environment, said during a media roundtable attended by TWZ at last week’s Association of the U.S. Army’s (AUSA) main annual conference.
Waksman’s comments followed a briefing earlier in the day at which Army Secretary Daniel P. Driscoll and Department of Energy (DOE) Secretary Christopher Wright jointly announced the launch of the Janus Program.
This morning, I joined @SecretaryWright and @ASArmyIEE Assistant Secretary Dr. Jeff Waksman to launch Janus Program, a major leap forward in bringing safe, mobile nuclear energy to the @USArmy.
“The U.S. Army is leading the way on fielding innovative and disruptive technology,” Driscoll said. “We are shredding red tape and incubating next-generation capabilities in a variety of critical sectors, including nuclear power.”
Janus is the Army’s plan to realize President Donald Trump’s Executive Order 14299, titled “Deploying Advanced Nuclear Reactor Technologies for National Security,” which directs the Department of War to commence operation of an Army-regulated nuclear reactor at a domestic military installation no later than September 30, 2028.
Some time in the next few weeks, barring a long extension of the government shutdown, the Army will release an Area of Interest (AOI) solicitation with a draft request for proposals (RFP) attached, according to Waksman. An industry day event thereafter will give the Army feedback on potential microreactor approaches and contact with interested companies and startups.
A competition will follow, after which the Army expects to select multiple companies to build and deliver microreactor prototypes to an initial batch of base/installation sites (likely nine sites) yet to be determined. The companies selected will each be given one Army site to deliver their prototypes to, and each firm will be required to build two reactors.
“They will build one, and then in a staggered fashion, build a second,” Waksman explained. “The reason why we’re doing that is because you have to get to Nth-of-a-kind to have a commercial product. [By Nth-of-a-kind Waksman means multiple units of a product or, in this case, reactor.] We want to see that these companies have a path to get from their first prototype to the second one and beyond to the Nth-of-a-kind.”
The program is named for Janus, an ancient Roman god of beginnings, gates, and transitions. Accordingly, its approach is about transitioning from one-off prototypes to multiple-unit commercial systems, Waksman added.
It dovetails with an initiative announced by the Defense Innovation Unit (DIU) last April called Advanced Nuclear Power for Installations (ANPI). It also seeks to field nuclear microreactors that can supplement energy sources at DoW installations, whose power is typically drawn from commercial grids.
DIU is a partner in Janus and will contribute funding to the program. It will also act as the contracting officer, and Janus will use its contracting authorities. However, the Army will conduct program management. Waksman says Janus will have different technical requirements than ANPI and reflect changes in the nuclear power market, including new entrants that have emerged since last spring.
Hovering in the background is yet another nuclear project called Pele, which emerged from the DoD’s Strategic Capabilities Office (SCO) in 2022. The stated intent there was to “design, build, and demonstrate a prototype mobile nuclear reactor within five years.”
Pele was envisioned as potentially transportable operational nuclear energy, and the project continues with integrator BWXT, which is in the process of manufacturing and delivering the first advanced microreactor. The transportable nuclear reactors developed for Pele are designed to be transported within four 20-foot shipping containers, allowing them to be potentially moved to areas where the military or government may need to stand up power generation infrastructure to support military or other operations.
While Pele is developmentally interesting, Waksman said, “We do not at this time see nuclear power as a tactical application.” This is largely because tactical reactor development drives up cost, and there is currently no need for megawatt power at the combat edge, Waksman explained.
As such, Janus microreactors will go to domestic installations to bolster energy supply, and some certainly have unique needs for power beyond redundancy. For example, remote Eielson Air Force Base in Alaska relies on a 70-year-old coal-fired power plant on the base for its primary energy needs. Since 2021, the Air Force has been working to at least demonstrate a small nuclear reactor at Eielson for exactly this reason.
A next step beyond could see the deployment of small nuclear reactors to strategic support areas, which could range from the Indo-Pacific periphery, from Hawaii to Pacific islands, for instance, as well as other locales. However, Waksman stresses the need to complete the first phase before further extending the program.
Energy resilience is the core of Janus. Waksman observed that on Army installations and other service installations, power resiliency is currently 100 percent provided by fossil fuels. Renewable power generation exists on some installations, but is not considered highly resilient, nor a primary source of energy. He added that every grid globally is reliant on a base-load power source – fossil fuel, geothermal, hydropower, or nuclear.
“Unless you’re in one of the few places in the world where geothermal is viable or you have a dam nearby, your only choices are nuclear or fossil fuel at this time…There’s just no ability to have a grid that works solely on solar and wind and batteries at this point.”
“Anyone who’s seen big solar arrays on military installations knows that the moment that you have a Black Start exercise and the grid goes down, those are immediately cut off. They do not provide power, so the resiliency is fossil fuels. You have a certain number of backup power days, but that is a huge vulnerability…”
Black Start is a congressionally mandated requirement for DoW installations, testing their ability to operate without grid power in an emergency.
The microreactors that Janus will seek to deploy will be what commercial industry refers to as Generation IV or so-called “Passive Reactors” which, by design, cannot melt down. Utilizing low-enriched uranium (to about 5 percent), they will generally not be higher than 20 megawatt plants. Even so, they’ll likely offer surplus power, which could potentially provide energy resiliency to local communities.
“If everything goes black outside the fence, that’s where most soldiers live, where their families live and where a lot of critical infrastructure is,” Waksman said. “I’ve been to a lot of hardened [military] sites. I’ve yet to see one that is resilient to everything going down outside the fence line. Selling some of this [power] outside the fence line is something that we’re actively interested in doing.”
Such a scheme is in a legal gray area, Waksman noted, but there is precedent — a military-based reactor sold energy to an adjacent community in the early 1980s. However, the Army believes it could offer excess power commercially with some limitations. Waksman said that the Department of the Army is currently negotiating with Congress on this issue and is seeing bipartisan support.
Thanks to the low-enrichment nature of the small reactors, the Army does not expect a requirement for extra force protection at nuclear-powered installations.
The United States’ existing fleet of reactors runs on uranium fuel that is enriched up to 5 percent with uranium-235, called Low-enriched uranium (LEU). U-235 — the main fissile isotope that produces energy during a chain reaction — is considered safe for use in commercial nuclear reactors.
The ubiquity of LEU makes integration of small reactors on military installations more affordable, Waksman noted. Affordability is a major consideration within Janus. How much the military is willing to pay for resiliency is a hard question, Waksman admits. He offered that the Army doesn’t think nuclear power cost needs to be equivalent with fossil fuels, but just reasonably close. He cites the roughly 40 cents per kilowatt-hour (kWh) that consumers pay in Hawaii and Alaska, rather than the 10 to 12 cents per kWh paid in the continental U.S. to illustrate the point. At the 40 cents per kWh level, the Army expects there will be a significant commercial market over and above military nuclear power generation demand.
Hawaii and Alaska also illustrate the kind of environments, particularly in the Indo-Pacific, where there is current energy scarcity. Such scarcity makes moving a missile defense system, directed energy systems, large radars, or artificial intelligence data centers to an island or a remote Arctic site problematic.
The strain on available local energy infrastructure imparted by these kinds of systems means they are often limited by ad hoc diesel power generation or other arrangements, Waksman explained. Installing advanced microreactors could potentially transform such locales from energy-scarce environments to a state of energy abundance, which could support defense and other infrastructure. This could be critical to U.S. success in the Pacific.
There may be political challenges to placing microreactors on Pacific islands, other foreign territories, or even within the United States, Waksman acknowledged. But he opined that many places don’t necessarily oppose nuclear power. They oppose not being consulted about it. He says there will be pre-engagement discussion with any proposed local community. If they object, the Army won’t go there.
“We’re not here to impose nuclear power on any local communities,” he added. Foreign placements would fall under Status of Forces Agreements. Waksman points to the fact that the Navy has successfully concluded these throughout the Pacific, “so it can be done”.
Janus could also bring second and third-order benefits with it. Introducing advanced microreactors to military installations could kick-start the U.S. commercial nuclear power market and attract new blood to replenish the current critical shortage of nuclear engineers in America, Waksman said.
The model being used for the Janus competition, he explained, is the NASA COTS (Commercial Orbital Transportation System) model, which was the catalyst for the creation of SpaceX. Elon Musk’s company made space engineering cool again, inspiring students to go into the rocketry/space field, Waksman says.
“There’s a feeling [that] nuclear needs a SpaceX. There are innovative, exciting startups, so we’re hoping to cultivate them in the same way that NASA cultivated SpaceX and make nuclear sexy again and encourage more top young engineering talent to go into the field.”
Trump’s Executive Order has put the Army on a tight timeline to make Janus a reality.
“We will do everything in our power to successfully meet the Executive Order,” Waksman affirmed.
Brandon Cockrell, Deputy Assistant Secretary of the Army for Energy and Sustainability, also attended the roundtable and concluded the meeting by asserting that there is already significant competition among states and municipalities to get advanced microreactors at local bases.
“There are some states across the U.S. that are already leaning forward heavily with tax deferments and resources… This is a whole concerted effort to get the nuclear industry to the next phase in the nation.”
Business “Very Slow, No Uptick In Sight”: Dallas Fed Respondents Turn Even More Apocalyptic-er
As we detailed in late September, President Trump’s plans to bring down oil prices was hammering sentiment in the Dallas Fed region (among manufacturers) with apocalyptic comments from respondents…
“I may have to close the company. Orders have stopped coming in, and we do not know why. “
And while today we see October’s raw headline sentiment (General Business Activity) number improve very marginally (from -8.7 to -5.0 – still negative), under the hood it was not pretty with production flat, capacity utilization down notable, new orders still shrinking, shipments down, and hours worked and capex tumbling.
Worse still, forward-looking expectations are a shitshow…
The one silver lining in the report was the both input and output prices are falling…
However, it’s the comments from respondents that most noteworthy in that they just got more apocalyptic.
Suffice it to say that the locals are hardly delighted with either tariffs, high interest rates, falling demand or general economic malaise, which is to be expected from a regional Fed that is largely dependent on the US energy industry (read Texas shale) which in turn has been crippled by Trump’s demands to keep oil prices as low as possible if not lower, and has hammered the US oil E&P industry.
Beverage and tobacco product manufacturing
Overall uncertainty about the strength of the economy is our largest concern. We believe the risk of a recession has increased, although it is hard to quantify. Lower economic opportunities, especially for younger people, is putting downward pressure on our future sales.
Computer and electronic product manufacturing
We are considering closing our company at the end of the year and filing for bankruptcy. We have had a huge drop in sales, and I think it’s due to the loss of government funding. I don’t think I can recover the company from it.
Fabricated metal product manufacturing
Our sales outlook is slightly down for 2026.
Customers are delaying projects to 2026, and requests for quotes have decreased.
Our customers want to buy, but they lack cash on hand. Multiple competitor closures are funneling demand, but our customers lack liquidity to fund required deposits and interim payments.
Furniture and related product manufacturing
There’s a slowdown of commercial construction bid requests.
Machinery manufacturing
Sales have been strong and steady over the past few months. We hope this trend continues.
The free market is prevailing despite the central planners’ well-intentioned but misguided tariff policies.
Up and down, back and forth. We are thankful for the work, but the waves continue.
We expect some gain as well as some loss going forward in 2026 and through the remainder of the current year. We do believe the good will outweigh the bad overall. The DFW area continues to thrive, Texas remains a good place to do business, and the U.S. remains favorable for business as opposed to many world markets. We’re thankful we are where we are─geographically and economically.
Miscellaneous manufacturing
Tariffs. We manufacture in the U.S., but input materials come from China. We don’t have $600 million to get relief from tariffs like some companies do.
Paper manufacturing
Business is steady at very slow; no uptick in sight at this time.
Primary metal manufacturing
We suspect other countries, including Mexico, Vietnam and Cambodia are cheating and not paying full Section 232 tariffs on aluminum-extruded products coming into the U.S. This has been reported to the Commerce Department. They are producing two invoices, one for the raw aluminum and another for the other portions of their prices resulting in not paying the full Section 232. If this is allowed to continue our industry will lose jobs and shutter equipment. Most of the foreign countries are subsidizing exports to the U.S. to the detriment of our industry.
Printing and related support activities
We have gotten very slow and we worry about the general state of our industry. We have a few large jobs that are keeping people busy in the plant, but soon if things don’t change there will need to be some significant reduction in hours worked on the plant floor. There is just not much going on right now, and we believe it’s all tied to the chaos and uncertainty coming from Washington. We are hearing about significant price increases on materials coming soon due to the effect of tariffs.
Tariff costs (a tax) are having an impact of slowing down economic activity in all sectors. It’s all to do with economic uncertainty.
Textile product mills
We are very unsure of how the holiday season will play out. Input prices continue to increase as duties and tariffs take effect and remain in place. We are unsure of demand, and we will also need to increase our prices due to rising costs.
Transportation equipment manufacturing
The interest rate reduction is positive. There’s a need to improve the government shutdown and trade turmoil, and the outlook would be very promising.
Continued volatility with import tariffs and interest rates continue to stifle the trucking market. Trucking companies continue to struggle, and there is a regular cadence of bankruptcies being reported.
Business is up, yet we are also affected by the government shutdown in our ability to work with regulators to approve next steps.
So, with President Trump doing everything in his powers to bring down the price of oil (and therefore gas), it appears the locals can’t take it anymore.
More than 41 million Americans will go without food stamps next month if Congress does not vote to reopen the government in time, the U.S. Department of Agriculture (USDA) stated on Oct. 25.
With the government shutdown now well into its 25th day, Senate Republicans and Democrats remain at an impasse over expiring health care subsidies.
“Bottom line, the well has run dry,” the USDA wrote on its website. “At this time, there will be no benefits issued November 01.”
During fiscal year 2024, the government’s Supplemental Nutrition Assistance Program (SNAP) supported, on average, 41.7 million participants, or 12.3 percent of the U.S. population, every month. Anywhere between 4.8 percent and 21.2 percent of each state’s population was on SNAP in 2024.
The total spending for SNAP reached $99.8 billion that year, averaging out to $187.20 per participant per month. While the federal government fully funds the program, states contribute part of the costs of administering SNAP.
In a memo obtained by The Epoch Times on Oct. 24, the USDA stated that it can’t use agency emergency funds to keep the SNAP program running if Congress doesn’t vote to pass a funding agreement.
“SNAP contingency funds are only available to supplement regular monthly benefits when amounts have been appropriated for, but are insufficient to cover, benefits,” the memo reads. “The contingency fund is not available to support [fiscal year] 2026 regular benefits, because the appropriation for regular benefits no longer exists.”
The memo states that the money is used for emergencies such as “hurricanes, tornadoes, and floods, that can come on quickly and without notice.”
That memo was met with criticism from the Center on Budget and Policy Priorities, which pointed out that the agency is contradicting its now-deleted Sept. 30 “Lapse of Funding Plan” page, which can still be found in an archived version on the USDA website.
“Congressional intent is evident that SNAP’s operations should continue since the program has been provided with multi-year contingency funds that can be used for State Administrative Expenses to ensure that the State can also continue operations during a Federal Government shutdown,” the agency’s now-deleted shutdown policy reads. “These multi-year contingency funds are also available to fund participant benefits in the event that a lapse occurs in the middle of the fiscal year.”
Center on Budget and Policy Priorities President Sharon Parrott—who served in the Office of Management and Budget (OMB) from 2016 to 2017 and the Department of Health and Human Services from 2009 to 2012—said the Trump administration is legally required to keep SNAP payments flowing during a government shutdown.
“The Administration itself admits these reserves are available for use. It could have, and should have, taken steps weeks ago to be ready to use these funds,” Parrott said in an Oct. 23 statement. “Instead, it may choose not to use them in an effort to gain political advantage.”
Last week, officials from multiple states said food stamp recipients who have saved up their benefits may soon lose access to the money if the government shutdown continues.
“The SNAP retail system may disallow purchases beginning on Nov. 1 even if you have funds in your account,” the Arkansas Department of Human Services said in an Oct. 22 statement.
Officials from Oklahoma reiterated that concern, saying it’s unclear if recipients will be able to use existing SNAP funds after Oct. 31.
However, other states, such as Hawaii, said SNAP benefits already loaded onto Electronic Benefits Transfer cards from October or previous months should still be available on Nov. 1. The state recommended purchasing shelf-stable foods or essentials with existing SNAP benefits because of uncertainty over how much longer the shutdown may last.
Argentine Markets Soar After President Javier Milei’s Midterm Victory; Milei Thanks President Trump
Update (1020ET):
Argentina’s bonds, currency, and equities surged early Monday after President Javier Milei’s party secured a crucial midterm victory. The result is key to preserving Milei’s sweeping economic reset in a country crushed by decades of nation-killing socialist mismanagement.
Milei’s free-market reforms and aggressive austerity program have already begun to cool inflation and stabilize financial conditions, signaling to investors that the restructuring path remains intact.
The US recently provided Argentina with a combined $40 billion – $20 billion central bank swap line and a potential $20 billion loan facility.
Earlier, President Trump called Sunday’s midterm election results a “big win” for Milei’s party. “Not only did he win, he won by a lot.”
Milei then thanked Trump on X:
Thank you, President @realDonaldTrump , for trusting the Argentine people. You are a great friend of the Argentine Republic. Our Nations should never have stopped being allies. Our peoples want to live in freedom. Count on me to fight for Western civilization, which has succeeded in lifting more than 90% of the world’s population out of poverty.
Gracias Presidente @realDonaldTrump por confiar en el pueblo argentino. Usted es un gran amigo de la República Argentina. Nuestras Naciones nunca debieron dejar de ser aliadas. Nuestros pueblos quieren vivir en libertad. Cuente conmigo para dar la batalla por la civilización… pic.twitter.com/G4APcYIA2i
BBG: ARGENTINE PESO JUMPS 10% AFTER MILEI’S MIDTERM ELECTION WIN
BBG: ARGENTINA DOLLAR BONDS SOAR AFTER MILEI’S MIDTERM WIN
BBG: ARGENTINA BONDS JUMP 10-13 CENTS ACROSS THE CURVE ON MILEI WIN
BBG: ARGENTINA MERVAL Stock Index Jumps 19.53%
BBG: ARGENTINE OVER-THE-COUNTER BONDS RISE 15% ON AVERAGE -TRADERS
Biggest moves:
Argentine Peso …
Zoom out.
UBS analyst Matthew Cowley told clients, “Speaking after the results, the president vowed to continue his harsh reform program but will need to work with other parties to pass legislation. In this respect, Milei has softened his aggressive tone in the final days of the campaign and was more conciliatory towards potential allies, including a group of more moderate provincial governors.”
What to watch next (per Cowley):
LLA’s stronger than anticipated electoral showing on Sunday should provide a solid boost to the government’s reform agenda and should also go a long way towards returning asset prices closer to where they were prior to the PBA election.
The fear that the electorate could swing sharply against the government’s macroeconomic stabilization policies in the midterms simply did not materialize.
Instead, the election has solidified Milei’s mandate for fiscal austerity, low inflation, and structural reforms.
Negotiations with governors will be key going forward, which may require some degree of fiscal flexibility on the part of the administration (from easing constraints on discretionary transfers to renegotiation a new co-participation or tax sharing agreement). The government is likely to pursue three structural reforms: labour, tax, and pensions.
The surprise turnaround means the Argentine peso is likely to appreciate in coming days and to trade more comfortably within the band, particularly as hedges are unwound.
Nevertheless, even with the reinforced mandate and the promise of US support, the question of how the country will accumulate international reserves going forward will remain a key concern, especially with Argentina facing $48 bn in debt payments coming due before end 2027.
This situation could be eased without recourse to a new devaluation if Argentina manages to attract large foreign investment flows, including a return to international debt markets. The election result increases the likelihood that these flows will ultimately materialize.
Earlier this month, US Treasury Secretary Scott Bessent arranged a $20 billion currency swap with Argentina’s central bank to stabilize the country’s bond market ahead of Sunday’s elections. The midterm results were surprising, as President Javier Milei’s party scored a major comeback, and the move may now pay dividends for the US.
Goldman analyst Clara Mourey provided clients with midterm election results:
With 94% of ballots counted, President Milei’s party, La Libertad Avanza, received 40.8% of the votes, above expectations, and will increase its representation in Congress starting December 10, up from the current 10% in the Senate and 15% in the Lower House. Importantly, the government’s representation would exceed the one-third threshold in the lower house, and together with allies also in the Senate. This outcome would enhance the President’s veto authority and bolster governability.
The left-wing coalition Fuerza Patria received 24.4% of the votes, and together with other Peronist groups reached 31.6% of the votes. Finally, the group of governors united under the Provincias Unidas coalition received 7.0% of the vote.
Aboard Air Force One earlier while on his Asia tour, Trump told reporters that Sunday’s midterm election results were a “big win” for Milei’s party. “Not only did he win, he won by a lot.”
Trump’s backing of Milei is part of a strategic political shift across Latin America, following decades in which failed socialist leaders sent the country’s economy into the dumps.
One of Bessent’s bets included over $1 billion in peso purchases, according to Bloomberg estimates, which appears to have paid off.
BBG: ARGENTINA DOLLAR BONDS SOAR AFTER MILEI’S MIDTERM WIN
BBG: ARGENTINA BONDS JUMP 10-13 CENTS ACROSS THE CURVE ON MILEI WIN
The nation’s debt jumped across the curve in early trading, with dollar notes due in 2035 up more than 13 cents to trade at a record 70.34 cents on the dollar.
A stronger Argentine currency in Monday’s trading session will mean the US could net hundreds of millions of dollars in gains.
In the US, Global X MSCI Argentina ETF (ARGT) jumped 17%.
“That election made a lot of money for the United States,” Trump said Monday. “The bonds have gone up,” he said. “The whole debt rating has gone up.“
Goldman’s Mourey continued, “The election results improve the outlook for structural reforms in the second half of the Administration. Following the election, investors will monitor any shifts to the government’s economic policy mix, especially those related to the exchange rate and monetary regime. In the months leading up to the elections, Argentine assets were affected by heightened political and policy uncertainty.”
In a separate note earlier, UBS analyst Matthew Cowley told clients, “The peso is expected to appreciate post-election, alleviating currency pressure, though Argentina’s $48 bn debt payments by 2027 remain a concern. A reinforced political mandate and potential foreign investment flows could stabilize reserves and support international debt market re-entry. Milei’s victory signals optimism for Argentina’s economic trajectory, with key reforms now more likely to advance.”
Bessent told reporters earlier, “Now I think the market is going to take care of itself and it’s going to have a lot of confidence in his policies,” referring to Milei, adding, “They have some big refinancings next year, but the Argentinian people have spoken.”
Bessent also congratulated Milei on X:
Congratulations to President @JMilei on La Libertad Avanza’s very successful midterm election. President Milei has a renewed mandate for change.
Argentina is a vital ally in Latin America. These results are a clear example that the Trump Administration policy of Peace through… pic.twitter.com/tjcciFSkxG
— Treasury Secretary Scott Bessent (@SecScottBessent) October 27, 2025
* * *
Update(2050ET): Despite plenty of earlier predictions to the contrary, Argentine President Javier Milei’s party is on track to finish first in Argentina’s midterms with over 90% of votes counted, in a big comeback. According to a breaking news wire:
MILEI’S PARTY HAS 41.5% IN BUENOS AIRES TO PERONISM’S 40.8%
BREAKING:
Huge electoral victory for Javier Milei in the midterm elections.
His party won 41% of the votes and will increase its number of deputies in the parliament from 37 to 101 while the number of senators will increase from 6 to 20. pic.twitter.com/xzElWGSK1P
According to the English-langauge Buenos Aires Times at 9:30pm local time, “Official results point to a decisive win for President Javier Milei and La Libertad Avanza. The only force to be running in every province, the ruling party’s alliance with ex-president Mauricio Macri’s PRO party has won it more than 40 percent of the national vote for lower house deputies.”
Official results now in from Argentina…
Javier Milei’s La Libertad Avanza (purple) has 40.8% of the votes, while the Peronist left-wing opposition (blue) has 24.4%.
90%+ counted. An even better outcome for Milei than their most optimistic prediction. pic.twitter.com/DclKba9maT
The Wall Street Journal reviews of the significance:
That means it should secure at least one-third of the seats in both chambers—the critical threshold that allows Milei to preserve his veto power and defend his sweeping decrees. The result, stronger than most polls had predicted, gives Milei fresh political momentum after months of unrest over deep spending cuts and a grinding recession last year.
It also shores up his standing with Washington and the International Monetary Fund, which have tied future financial support to the survival of his austerity experiment. Market analysts expect Argentine bonds and the peso to rally when trading opens Monday, reflecting relief that Milei still has political traction. The U.S. announced a $20 billion currency swap this month to prop up Argentina’s currency and promised to raise another $20 billion from private banks and sovereign-wealth funds.
My friend President Javier Milei’s party has swept Argentina’s national legislative elections, winning 40.84% of the vote compared to 24.50% for the Kirchnerist bloc, with 91% of ballots counted.
President Trump and I simply say, “VIVA LA LIBERTAD, CARAJO!”
Recall the crucial words of Trump from earlier this month, “If he wins, we’re staying with him. And if he doesn’t win, we’re gone.” He just survived and thrived in this major test of his austerity agenda, despite a public turnout which was a low in decades.
* * *
Some 36 million eligible Argentines are headed to the polls Sunday for legislative elections which are key to determining the fate of President Javier Milei’s sweeping reform agenda, and could unsettle financial markets if his support collapses, despite record US assistance in the form of the ultra-controversialbig beautiful bailout from the Trump administration, which could also hang in the balance.
The midterm vote is being closely watched internationally, as it marks the first nationwide referendum on the self-styled anarcho-capitalist’s austerity measures and economic deregulation efforts since he assumed office two years ago. At the start of this past week, Argentina assets soared on the heels of US Treasury Secretary Scott Bessent calling the South American country “a systemically important US ally in Latin America,” adding that the US Treasury“stands ready to do what is needed within its mandate to support Argentina. All options for stabilization are on the table.”
But the potential $40 billion bailout package for Argentina is also on the line (Bessent indicated the extra $20 billion on top of the initial $20bn would come from “the private sector” – which seems somewhat wishful given the scenario of private investors wanting to risk such sums in volatile Argentina). The aid could be withdrawn by Trump if his populist ally Milei tanks. President Trump even spelled out, “If he doesn’t win, we’re not going to waste our time, because his opponents’ philosophy has no chance of making Argentina great again.”
On Sunday, voters are choosing half of the seats in the Chamber of Deputies and one-third of the Senate. It was the campaign period leading up to the vote which saw a sharp decline in the peso, prompting Milei to the request emergency financial support from Washington. Should the Sunday vote go against Milei – and there are a number of signs suggesting this will be the case – then Trump “will not be generous” – as he’s forewarned in prior comments.
President Milei’s La Libertad Avanza party, which remains a newcomer in Argentine politics, currently holds just 37 seats in the Chamber of Deputies and six in the Senate, giving it less than 15% of the total seats in Congress. The party desperately needs to expand its representation to at least one-third of Congress, a goal that would strengthen its ability to block opposition efforts to derail Milei’s ambitious agenda.
If Milei’s party performs weak, this could serve to quickly resolve domestic controversy for Trump at home:
On October 19, a reporter asked Trump why he decided to aid Argentina despite concerns among US soya producers. “Argentina is fighting for its life,” Trump answered. “Young lady, you don’t know anything about it. … They have no money. They have no anything.”
US aid to Argentina didn’t directly harm US soya producers – they have been hurt by a separate Trump policy, his trade war with China. But the timing of the aid and the soya bean export troubles pose a problem of optics for the White House.
But as for “optics” – a loss in these midterms will mark a defeat of US credibility in the region, given the aforementioned multibillion-dollar lifeline from the White House.
With a few hours until polls close, reports of low voter turnout, a bad sign for the Argentine Trump ally…
🇦🇷Low voter turnout in the midterms in Argentina. This isn’t a good sign for Milei’s party as Peronists have a better ‘get out the vote’ apparatus. The midterm election in the province of Buenos Aires where Milei’s party underperformed compared to the polls also saw low turnout. https://t.co/1jt0cZlllk
Milei himself faces reelection in 2027, and the national direction after Sunday will signal whether Milei’s “chainsaw” austerity program will have any staying power. Politiconotes, “LLA is expected to gain seats — though not enough to secure a majority against the left-wing Peronist coalition — but if the president’s coalition underperforms, it could lead to a broad selloff of Argentinian assets.”
The vote is happening between 8 a.m. and 6 p.m. (1100–2100 GMT), and some preliminary results are expected to emerge roughly three hours after polls close.
Key Events This Extremely Busy Week: Central Banks, Earnings Galore, And Trump-Xi Summit
As noted earlier, investors face a monumentally important and extremely busy week ahead that includes rates decisions by four of the G7 central banks, with the Fed and BoC on Wednesday followed by the BoJ and ECB on Thursday. A packed earnings calendar will see reports from five of the Mag-7 (Microsoft, Alphabet, Meta, Apple and Amazon), together representing a quarter of the S&P 500 market cap. But ahead of all that, markets are in a buoyant mood this morning as US and China officials indicated that they have largely aligned a deal to ease trade tensions ahead of the Trump-Xi meeting this Thursday.
Starting with the US-China news, China’s Ministry of Commerce said that the sides reached an initial consensus on a range of issues including an extension of the tariff truce, fentanyl, agricultural trade, export controls and shipping levies. In turn, US Treasury Secretary Bessent suggested that China would defer its new rare-earth export controls for one year and make “substantial” purchases of US soybeans, while the US threat of 100% tariffs on China was “effectively off the table”. Bessent signaled that the agreed “framework” should allow Presidents Trump and Xi to have “a very productive meeting” when they meet on Thursday on the sidelines of the APEC summit. The details from that meeting should give a clearer sense whether this represents a genuine stabilisation in US-China trade relations or only a return to the uneasy trade truce in place before the rhetoric escalated earlier this month. Any reduction of the 20% fentanyl tariffs by the US will be one key barometer to watch.
In other weekend trade news, Trump signed trade framework pacts with Malaysia, Thailand, Vietnam and Cambodia. The countries will allow preferential access for US goods in return for tariff exemptions on some of their exports to the US, though many of exact details are still to be finalised. By contrast, Trump announced a 10% additional tariff on Canada amid a spat over an anti-tariff ad released by the government of Ontario. It’s not clear whether USMCA-compliant goods would remain exempt from the extra 10% levy, which would mitigate much of its impact, but it’s a reminder that tariffs remain a go-to policy tool for the US administration even if peak trade uncertainty is behind us.
Looking to the week ahead, a second consecutive 25bps Fed cut looks locked in for Wednesday’s FOMC meeting, with markets pricing 49bps of cuts across the next two meetings. With a dearth of data and a still-divided FOMC, economists think Chair Powell is unlikely to provide clear signals on the policy path ahead, focusing more on topics including balance sheet policy and financial stability. Meanwhile, as we first discussed here first, the emerging baseline is that the Fed will this week announce an end to QT in response to the recent tightening in funding markets.
In Europe, the ECB is widely expected to keep the deposit rate steady at 2% for a third consecutive meeting. DB economists think ECB President Lagarde will again describe policy as “in a good place” and will be watching whether she maintains the net hawkish tone that she struck in July and September (see their preview here). The Bank of Japan (Thursday) is expected to maintain its current policy stance (see preview here), while the Bank of Canada is likely to deliver its own 25bp rate cut on Wednesday.
The Q3 earnings season will reach its apex this week with key reports due from Microsoft, Alphabet and Meta on Wednesday as well as Apple and Amazon on Thursday. The five biggest companies in the world after Nvidia now make up $15tn in total market capitalization or 25% of the S&P 500. The full list of key reports is in the week ahead calendar at the end as usual.
Overall, some 43% of the S&P500 by market will report this week.
On the data front, in the US the Conference Board’s October consumer confidence readings (Tuesday) are likely to be the main indicator of note amid the government shutdown. In the euro area, Germany’s ifo survey today will receive extra attention after last Friday’s jump in the PMIs, the ECB’s quarterly Bank Lending Survey (Tuesday) will precede its rates decision, and we’ll get the October inflation readings for Germany and Spain on Thursday, followed by France, Italy and the Eurozone on Friday. In Asia, we have the October PMIs in China (Friday) as well as September retail sales, industrial production and the Tokyo CPI for October in Japan (Thursday).
Here is a day-by-day calendar of events
Monday October 27
Data: US September durable goods orders, October Dallas Fed manufacturing activity, China September industrial profits, Germany October Ifo survey, Eurozone September M3
Central banks: ECB September consumer expectations survey
Earnings: Welltower, Cadence Design Systems, Deutsche Boerse, Keurig Dr Pepper
Auctions: US 2-yr Notes ($69bn), 5-yr Notes ($70bn)
Tuesday October 28
Data: US October Conference Board consumer confidence index, Richmond Fed manufacturing index, Richmond Fed business conditions, Dallas Fed services activity, August FHFA house price index, Germany November GfK consumer confidence, Italy October consumer confidence index, economic sentiment, manufacturing confidence, EU27 September new car registrations
Central banks: ECB bank lending survey, ECB’s Panetta speaks
Earnings: Visa, UnitedHealth, Novartis, HSBC, NextEra Energy, Booking, Iberdrola, American Tower, BNP Paribas, Royal Caribbean Cruises, Advantest, Sherwin-Williams, Mondelez, UPS, Corning, PayPal, Electronic Arts
Auctions: US 7-yr Notes ($44bn)
Wednesday October 29
Data: US September advance goods trade balance, wholesale inventories, pending home sales, UK September net consumer credit, M4, Japan October consumer confidence index, Italy September PPI, hourly wages, Australia September CPI, Sweden September GDP indicator
Data: US Q3 GDP, initial jobless claims, Japan September retail sales, industrial production, jobless rate, job-to-applicant ratio, October Tokyo CPI, Germany Q3 GDP, October CPI, unemployment claims rate, France Q3 GDP, September consumer spending, Italy Q3 GDP, September unemployment rate, August industrial sales, Eurozone October economic confidence, Q3 GDP, September unemployment rate
Central banks: ECB decision, BoJ decision, Fed’s Logan speaks
Earnings: Apple, Amazon, Eli Lilly, Mastercard, Samsung Electronics, Merck, Shell, Gilead Sciences, S&P Global, Stryker, TotalEnergies, Hitachi, BYD, AB InBev, BBVA, Comcast, Bristol-Myers Squibb, ROBLOX, Cigna, Howmet Aerospace, Cloudflare, ING Groep, Credit Agricole, Volkswagen, Vale, Universal Music Group, Cheniere Energy, Societe Generale, Monolithic Power Systems, Atlassian, Standard Chartered, Haleon, Reddit, Estee Lauder
Friday October 31
Data: US September PCE, personal income and spending, October MNI Chicago PMI, Q3 employment cost index, China October PMIs, UK October Lloyds Business Barometer, Germany September retail sales, import price index, Japan September housing starts, France October CPI, September PPI, Italy October CPI, Eurozone October CPI, Canada August GDP, Australia September PPI
Central banks: Fed’s Logan, Hammack and Bostic speak, ECB’s survey of professional forecasters
Earnings: Exxon Mobil, AbbVie, Chevron, Linde, Intesa Sanpaolo, Tokyo Electron, Colgate-Palmolive, Charter Communications
Finally, looking at just the US, several key data releases will almost certainly be postponed this week because of the government shutdown, including the durable goods report scheduled for release on Monday, the advance goods trade balance scheduled on Wednesday, the Q3 advance GDP report scheduled on Thursday, and the core PCE inflation scheduled on Friday. The Department of Labor will also postpone the official release of the jobless claims report if the government shutdown continues through Thursday, but preliminary state-level claims data will likely be available. There are no speaking engagements by Fed officials this week, reflecting the FOMC’s blackout period.
Monday, October 27
08:30 AM Durable goods orders, September preliminary (GS +1.0%, consensus +0.2%, last +2.9%); Durable goods orders ex-transportation, September preliminary (GS +0.2%, consensus +0.2%, last +0.4%); Core capital goods orders, September preliminary (GS +0.1%, consensus +0.3%, last +0.6%); Core capital goods shipments, September preliminary (GS +0.2%, last -0.3%): We estimate that durable goods orders increased 1.0% in the preliminary September report (month-over-month, seasonally adjusted), reflecting an increase in commercial aircraft orders. We forecast a 0.1% increase in core capital goods orders—reflecting an improvement in the new orders components of manufacturing surveys but potential payback for the outsized increase in the prior month—and a 0.2% increase in core capital goods shipments—reflecting the increase in orders in the prior month.
Tuesday, October 28
09:00 AM S&P Case-Shiller home price index, August (GS -0.2%, consensus -0.1%, last -0.1%)
10:00 AM Conference Board consumer confidence, October (GS 93.0, consensus 93.4, last 94.2)
Wednesday, October 29
08:30 AM Advance goods trade balance, September (GS -$78.0bn, consensus -$90.0bn, last -$85.5bn): We forecast that the goods trade deficit narrowed by $7.5bn to $78.0bn, reflecting an increase in gold exports and a sharp pullback in imports of electronic products from Taiwan.
10:00 AM Pending home sales, September (GS +3.5%, consensus +2.0%, last +4.0%)
02:00 PM FOMC statement, October 28-29 meeting: As discussed in our FOMC preview, we expect the FOMC to deliver another 25bp rate cut to 3.75-4% at its October meeting. The median projection in the September dot plot showed a baseline of three cuts this year, and with the official data paused by the government shutdown and alternative labor market data mixed at best, there is no reason to deviate from the plan to support the labor market for now. We do not expect formal guidance about the December meeting, but if Chair Powell is asked, he will likely be comfortable referencing the September dots, which imply a third cut in December.
Thursday, October 30
08:30 AM Initial jobless claims, week ended October 25 (GS 230k, consensus 229k, GS estimate of last 227k); Continuing jobless claims, week ended October 18 (consensus 1,925k, GS estimate of last 1,935k)
08:30 AM GDP, Q3 advance (GS +3.3%, consensus +3.0%, last +3.8%); Personal consumption, Q3 advance (GS +3.1%, consensus +3.2%, last +2.5%); Core PCE inflation, Q3 advance (GS +2.91%, last +2.6%): We estimate that GDP rose 3.3% annualized in the advance reading for Q3, following a +3.8% annualized increase in Q2. Our forecast reflects a rebound in imports growth (-6.4%, quarter-over-quarter annualized vs. -29.3% in Q2 and +38.0% in Q1) after frontloading ahead of tariff increases distorted imports growth in the prior quarters. We expect a further acceleration in consumption growth (+3.1% vs. +2.5% in Q2) but another quarter of soft residential investment growth (-8.6% vs. -5.1% in Q2). We estimate that domestic final sales rose 2.4% in Q3, and that the core PCE price index increased 2.91% annualized (or 2.88% year-over-year) in Q3.
Friday, October 31
08:30 AM Personal income, September (GS +0.3%, consensus +0.4%, last +0.4%); Personal spending, September (GS +0.1%, consensus +0.4%, last +0.6%); Core PCE price index, September (GS +0.24%, consensus +0.2%, last +0.2%); Core PCE price index (YoY), September (GS +2.87%, consensus +2.9%, last +2.9%) ; PCE price index, September (GS +0.30%, consensus +0.3%, last +0.3%); PCE price index (YoY), September (GS +2.83%, consensus +2.8%, last +2.7%): We estimate that personal income and personal spending increased by 0.3% and 0.1%, respectively, in September. We estimate that the core PCE price index rose 0.24% in September, corresponding to a year-over-year rate of +2.87%. Additionally, we expect that the headline PCE price index increased 0.30% in September, corresponding to a year-over-year rate of +2.83%. We estimate that market-based core PCE rose 0.18% in September.
08:30 AM Employment cost index, Q3 (GS +0.8%, consensus +0.9%, last +0.9%): We estimate the employment cost index rose by 0.8% in Q3 (quarter-over-quarter, seasonally adjusted), which would leave the year-on-year rate unchanged at 3.6% (year-over-year, not seasonally adjusted). Our forecast reflects a sequentially slower pace of wage and salary growth—reflecting the signals from the Atlanta Fed’s wage tracker and average hourly earnings—but a slight rebound in ECI benefit growth after a weak increase in Q2.
A deranged leftist commentator has declared that President Trump’s demolition of a portion of the East Wing of the White House as part of the ballroom renovations is comparable to the attack on the Pentagon on September 11th, 2001.
As we have highlighted, Democrats and their lunatic followers have gone all in on this stupid idea that Trump is literally tearing down the White House.
But former CNN and ABC News propagandist Tara Setmayer has managed to take it to a whole new level of insane.
The left is unable to mentally distinguish between Islamic terrorism that kills thousands and … building improvements. Horrific break with reality we’re watching here. https://t.co/RKMvCutR0I
Wow. MAGA is REALLY REALLY triggered by my feelings about the unnecessary & jarring White House desecration for Trump’s gilded vanity project. I wonder why? 🧐
Excuse me if I don’t give a damn what the people who think Jan 6th was a day of love, support a felon & are ok with… pic.twitter.com/jfF16XxeGI
You don’t have to apologize, but you might want to consider what has made you so callously dismissive of mass terror and death that you’d make such a comparison in public.
This TBS (Trump Ballroom Syndrome) stuff, or BDS if you prefer, really does say a lot about the state of the Democratic Party and their supporters.
Remember they picking at straws.
They have nothing.
So they have to complain about every little thing.
Cannot wait to see the most beautiful ballroom in the U.S.!
Don’t even go to BlueSky right now (or do if you can’t get enough of their meltdowns) it’s absolutely exploded with bad TBS memes.
“BREAKING: areal photograph reveals Donald Trump’s new $250M “ballroom” is nearing completion.” Credit to tom.adelsbach on Instagram www.instagram.com/p/DQLddoykaI…
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Melissa Set To Become Jamaica’s First-Ever Cat. 5 Landfall In Records Going Back To 1850
Hurricane Melissa explosively intensified into a catastrophic Category 5 storm, and the latest spaghetti models indicate a direct hit on Jamaica.
As of early Monday, Melissa was churning about 130 miles south-southwest of Kingston, Jamaica, according to the latest update from the U.S. National Hurricane Center. Winds are registering at the highest on the Saffir-Simpson scale with sustained winds exceeding 157 mph.
NHC records dating back to 1850 show that Jamaica has never recorded a direct landfall from a Category 4 or 5 hurricane. However, four Category 3 storms have made direct landfall: in 1903, 1912, 1951, and 1988.
“Although interaction with Jamaica will lead to some weakening, Melissa is expected to reach southeastern Cuba as a major hurricane, and will also move across the southeastern Bahamas and be near Bermuda as a hurricane,” NHC wrote in the latest update.
Various computer model predictions agree that Melissa’s track will curve out into the Atlantic Ocean after making landfall across several Caribbean island nations.
Hurricane season in the Atlantic ends on November 30.
It has been a relatively quiet year for the continental U.S. What happened to the climate change cult’s impending global doom?
