The Budget, the Bill, and the Fed
Iraq's 2027 budget reaches the cabinet Tuesday. The Senate tests the CLARITY Act the same day. The Fed decides Wednesday. Three decisions, one pair.
Monday, September 14. Ali al-Zaidi's plane landed in Paris this morning, and the Elysee Palace had already published what he came for: energy, transport, infrastructure, water, health, security. The palace text said contracts will be executed. Not memorandums. Contracts. The Elysee tied the meeting to French energy costs and household bills, which is a polite way of saying Iraqi crude now matters to European voters.
That is today. Tomorrow is the day this channel has been pointing at for months, and it is heavier than we expected when we first flagged it.
Tuesday, Iraq's 2027 budget draft goes before the cabinet in Baghdad. The same day, the US Senate holds its cloture test on the CLARITY Act, the market-structure law for the digital rails. And the Federal Reserve opens the meeting where Kevin Warsh, after telling Jackson Hole the inflation fight was not finished, decides whether to raise US interest rates.
A ledger in Baghdad, a bill in Washington, a rate decision at the Fed. None of the people holding those files will consult the others, and every one of them lands on the same currency pair.
Let's start with Baghdad's.
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