On Tuesday, the dollar dropped on the foreign exchange market, with the dollar index (representing its growth versus 6 benchmark currencies) falling 0.26 percent to 90.16 points. At $1.2165, the euro returned 0.23 percent. The yield on the 10-year T-Bond rose 1 basis point to 1.03 percent on the U.S. bond markets. As of March 2020, the index had hit its peak level at 1.18 percent on 12 January, in expectation of a resumption of inflation as a result of the post-Covid economic rebound.
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Capital, as well as Forex markets, continue to track the success, which seems to be slowing, of Biden’s $1.9 trillion proposals before Congress. Senate Democratic leader Chuck Schumer said he expects that this latest initiative to help the U.S. economy will not pass until mid-March.
Many of the lawmakers on both sides are hesitant to follow such a high package and to lift the budget deficit excessively. ‘In the next month or month and a half, we will try to move it,’ Schumer said of the Biden proposal, by mid-March, when the new assistance will stop. To arrive at a version that is appropriate to all American political parties, which augurs lengthy negotiations, we appear to be progressing into a rewrite of the proposal.
The Senate is, meanwhile, busy deciding on the selection of ministers for Joe Biden. The upper house on Monday voted (as expected) to see Janet Yellen take over as secretary of the treasury.
The other issue that promises to dominate the Senate is the Donald Trump impeachment trial, which begins on 9 February and is impossible to determine about how long it will run, and whether it will slow down their work on the stimulus package issue.
For January 2021, the CB Consumer Confidence Index came in at 89.3, relative to a forecast of 88.5, and an updated reading for the previous month at 87.1.
The Richmond Fed Manufacturing Index for January, which has also just been issued, came in at 14, up from 19 in its previous reading. Therefore, this measure signals a decline in the growth of the region’s development activity.
