Several economic indicators started to fall under these conditions, including consumer confidence at the beginning of November, spending in October, sales of credit cards and even restaurant attendance. Business focus in the United States is shifting to the Federal Reserve and the Congress once again. Prior to the November 3 election, which led to Joe Biden’s victory, he failed to pass a new strategy to help the economy, although Donald Trump still refuses to accept it.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
On Monday, Joe Biden called on Congress to “quickly” vote on a new strategy to “immediately help the economy, and against the background of the Covid pandemic, predicted a “dark winter”. The president-elect repeated his primary campaign goals in a speech from his stronghold in Wilmington, Delaware, including the creation of three million well-paid jobs and an hourly minimum wage of $15 (up from $7.25 currently).
On the Fed side, Jerome Powell, its chairman, pointed out Tuesday that the central bank is prepared to do more. He said the time had not come, and would not be, for the Federal Reserve’s emergency tools to be lifted too soon. He said that only after much further progress on the inflation and job fronts will the Fed consider normalizing its balance sheet.
Accordingly, it is almost inevitable that the Fed will extend and even strengthen its support programs implemented in March, most of which are scheduled to expire on 31 December 2020.
On Tuesday in Congress, House Speaker Nancy Pelosi and Senate Democratic Minority Leader Chuck Schumer invited Mitch McConnell, the upper house Republican majority leader, to reopen discussions. He insisted that such a plan should be limited to $500 billion without opposing the idea, while Democrats are in favor of $2,200 billion.
Faced with the resurgence of the pandemic since October, more and more U.S. states, including New York, Washington, New Jersey, California, Michigan, New Mexico and Oregon have announced new travel bans.
