Boy, the GOP really grabbed themselves a big ol' handful of Democrat pussy on Monday, in what one can only assume is a testament to the notion that Donald Trump did in fact have at least one thing he could teach lawmakers.

Basically, Democrats are going to go ahead and take Mitch McConnell's word for it when it comes to Republicans' collective willingness to negotiate on DACA. The deal funds the government through February 8. In other words, we're going to be having this discussion again in just days.

“The Republican majority now has 17 days to prevent the dreamers from being deported,” Schumer said, bluntly. Here's a fun one-liner from Mitch:

As far as Trump's concerned, he's just happy he doesn't have to hear any more about this for the time being. “I am pleased that Democrats and Republicans in Congress have now come to their senses,” a statement attributed to the President reads. “We will make a long term deal if and only if it's good for our country.”

That last bit is characteristic of Trump. He wants his support base to believe that he is the arbiter of what's “good for the country”. More importantly, the implication there is that Democrats want what's “bad” for the country, an absurd contention for obvious reasons.

In any event, stocks liked it, rising markedly after stumbling at the open:

The dollar tried to rally when it became apparent that the impasse in Washington was about to break, but ultimately, the beleaguered greenback gave it all back:

Treasurys were little changed, within 1bp of Friday's closing levels.

European shares were mostly higher on Monday. The Stoxx 600 banks index was notably higher on the day, helped along by news that Tiger Global has taken a large stake in Barclays.