Powell challenge: Reconcile better outlook and ultra-easy policy bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
by Tyler Durden
Monday, Mar 08, 2021 - 07:47 AM
US equity futures and global markets jumped higher at the reopen of Asian trading late on Sunday following news of the Senate s passage of the Biden $1.9TN stimulus plan and the spike higher in oil following the Houthi drone attack on Aramco facilities in the Gulf, but have since dipped amid renewed reflationary fears which pushed Treasury yields as high as 1.61% overnight hitting tech stocks with lofty valuations even as value stocks and European markets were broadly in the red. After rising above $71, Brent has since faded gains and was last trading near where it closed Friday at $69. Bitcoin soared as HK-based firm the latest institution to convert cash into Ethereum and Bitcoin.
The outlook for major global housing markets is brighter than previously thought due to expectations for a broad based economic recovery and easy monetary policy, with only a low risk that a COVID-19 resurgence will derail activity, Reuters polls showed.
Senators from both sides of the aisle have been discussing making the $1,400 direct payments more targeted toward families in financial need. Biden has said he is open to exploring such changes.
President-elect Joe Biden is unveiling a $1.9 trillion coronavirus plan Thursday to turn the tide on the pandemic, speeding up the vaccine rollout and providing financial help to individuals, states, and local governments and businesses struggling with the prolonged economic fallout.