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Congress to vote on same-sex, interracial marriage rights

Yahoo Finance's Jennifer Schonberger joins the Live show to discuss Congress's agenda to vote on same-sex and interracial marriage rights.

Video Transcript

- In Washington, D.C., President Biden marking 9/11 yesterday at a remembrance at the Pentagon. The President saying 9/11 shouldn't just be a day to remember, but in his words, a day of renewal and resolve.

That ceremony coming ahead of a busy week in the nation's capital, with Congress back in session. Senator Chuck Schumer has promised a vote on a same-sex marriage bill that could be coming as soon as this week. Let's bring in Yahoo Finance's Jennifer Schonberger, who's following all the details for us this morning. Jen.

JENNIFER SCHONBERGER: Good morning, Akiko. That's right. The Senate could consider the same-sex marriage bill as soon as later this week. Democratic Senator Tammy Baldwin, along with Republican Senator Susan Collins, have teamed up to float a religious liberty amendment in the House-passed same-sex marriage bill, now in consideration in the Senate.

The amendment is aimed at satisfying Republican's concerns that the bill risks infringing on religious freedom. It tries to clarify that the bill leaves in place protections of a 1993 Religious Freedom Law. If there is agreement on this amendment, there could be movement on the measure as soon as the end of this week.

The bill needs 10 Republican votes to pass, but it's unclear whether there are enough votes to overcome a filibuster to vote on the bill, and if this Baldwin-Collins Amendment will satiate conservatives. So far, only three Republican senators are firmly backing the bill. Senator Mike Lee is expected to offer a competing amendment on behalf of Republicans on religious exemptions to same-sex marriage protections.

Senate Majority Leader Chuck Schumer is said to be looking for signs of Republican support, especially after Tuesday's weekly Republican caucus lunch, where it's expected to be discussed. Now, the house originally passed the same-sex marriage bill back in July, after the Supreme Court overturned Roe v. Wade. Lawmakers now looking to codify abortion rights into law. Akiko.

- And Jen, on the economic front, obviously a lot of investors watching that CPI print coming down tomorrow, but we did also get that survey on consumer sentiment from the New York Fed. What does that show?

JENNIFER SCHONBERGER: Yeah, so the New York Fed out this morning with a fresh survey on consumer expectations for August, honing in specifically on inflation. Inflation expectations actually coming down a bit, though not back down towards that 2% level that the Fed is looking for. Specifically, one year median inflation expectations fell to 5.7% from 6.2% in July, while the three year outlook fell to 2.8% from 3.2% back in July.

So again, coming down a bit, and should be some welcome news to the Federal Reserve, but not enough to probably move that needle on that large rate hike that we are expecting in the week after this next week on September 21. So probably still expect that 75 basis point rate hike from here, but still some welcome news. Expectations coming down a bit. The Fed obviously looking very closely at that to make sure that high inflation expectations aren't really sewn into the fabric of consumers.

- Yeah, we'll take any good news that comes our way. Jennifer Schonberger, thanks so much for that.