White House chief of staff Meadows: Had very productive meeting' with Pelosi on the aid bill

 White House chief of staff Meadows has crossed the wires and has said it was a `very productive meeting' with Pelosi on the aid bill.

• Will return for talks with House speaker Pelosi Tuesday.

The update comes as the Congressional Republicans are growing frustrated with the two Trump administration officials leading stimulus negotiations, saying Treasury Secretary Steven Mnuchin has made too many concessions to Democrats in earlier stimulus talks and that White House Chief of Staff Mark Meadows is indecisive.

The long and short of it is, that the Republicans want to continue with unemployment assistance but at 70% of the level of pre-unemployment income. Democrats want the $600 weekly supplement to continue until the end of January.

Market implications

The lack of agreement on the next phase of fiscal stimulus in the US and the expiration of the supplementary $600 weekly unemployment payment has weighed on markets.

Congress is aiming to reach agreement by the end of next week, but the broad consensus behind gigantic fiscal support that was evident in Q2 is faltering.