The dollar is stable after the reaffirmation by Janet Yellen, the current Secretary of the Treasury, of the policy of government non-intervention in the foreign exchange market. Thus, on Wednesday, the dollar index (reflecting its evolution toward 6 benchmark currencies) stood at 90.47 points (-0.03%) against this basket of currencies, while the euro took up 0.51% to $1.2139.
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The 10-year T-Bond yield on bond markets was still stable at 1.09 percent, hitting a week-high of 1.18 percent as of March 2020, in expectation of a resumption of inflation as a result of the post-Covid-19 economic rebound.
After Fed President Jerome Powell said, however, prices eased late last week. He told the U.S. central bank that it was also far from preparing to limit its business support.
Joe Biden said in his first tweet as president that there is no time to lose to address the problems we are facing. Referring to his assistance package, which provides direct assistance of $1,400 per person, $400 per week unemployment insurance, and financing for the delivery of the coronavirus vaccine, he would get to work quickly and take strong steps and provide urgent relief to American families.
About 24 million Americans have contracted the disease since the onset of the Covid-19 pandemic, and over 400,000 of them have died. The country most affected by the virus is the United States. Globally, more than 2 million people were killed by Covid-19 and more than 96.4 million were affected. Several variations, alarming health officials, have appeared in recent months, while vaccines tend to be successful against the most prevalent of these variants, originating from the United Kingdom.
Investors will pay careful attention to the timing of Congress’ approval of the support “package.” They are concerned that the procedure will be postponed, partly because of the impeachment trial of Donald Trump in the Senate, and partly because of the possibility of legislative amendments to Biden’s proposal.
In the Senate, which is split between Democrats and Republicans by 50/50 seats, in particular, votes may be cast against slippage in budget deficits, and some senators on both sides could be inclined to minimize some parts of the plan.
