President Joe Biden’s proposed $1.9 trillion stimulus package is “what he can get done politically,” Harvard economist Kenneth Rogoff told FOX Business “Mornings with Maria.”
However, the passage of the bill does not mean the U.S. will receive a “free lunch,” he said.
KENNETH ROGOFF: Well, this may surprise you, but I m broadly supportive of it. I think President Biden s got to take what he can get while he can get it, which may not be for long. Yes, there is a lot of spending in it, which is really hard to explain. It s not COVID-related.
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Why do people. who are doing well need a transfer? Maybe the way money is being allocated to the states isn t the fairest, but nevertheless, it s what he can get done politically. And he s just taking it. And of course, that is not a free lunch.
The benchmark indices firmed up once again in afternoon trade. The Nifty reclaimed 15,100 mark again. Positive global cues boosted investors sentiment. Trading was volatile as the February 2021 F&O contracts expire today, 25 February 2021.
At 13:20 IST, the barometer index, the S&P BSE Sensex, soared 386.07 points or 0.76% at 51,167.76. The Nifty 50 index added 149.35 points or 1% at 15,131.35.
Reliance Industries (up 3.31%), Axis Bank (up 3.75%) and HDFC Bank (up 0.94%) supported the uptrend.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.12%. The S&P BSE Small-Cap index gained 1.25%.
Buyers outpaced sellers. On the BSE, 1,792 shares rose and 1,052 shares fell. A total of 148 shares were unchanged.