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Yellen stimulates markets Yellen says more stimulus on its way Wall Street got back to business as usual overnight, buying equities and selling the US dollar as Janet Yellen, in her Treasury Secretary selection testimony, told them everything they wanted to hear. They wanted to hear more stimulus, and Ms Yellen delivered 1.9 trillion reasons on that front. As is financial markets wont, however, they ignored what didn’t fit that narrative. Namely, taxes would rise on corporations and the rich, and that a rapprochement in relations with China was off the table. Ms Yellen mentioned China’s trade practices and the incoming Biden administration has signalled that the China tariffs will remain untouched. ....
The proposed aid package includes $415 billion to bolster the U.S. response to the virus and the rollout of COVID-19 vaccines, some $1 trillion in direct relief to households. ....
Oil flat, gold under pressure January 19, 2021SharePrint Oil barely changed in Asia Oil prices barely moved overnight with trading curtailed by the US public holiday. Like other asset classes, oil has received a gentle US stimulus tailwind in Asia, with both Brent and WTI futures moving modestly higher. Brent crude has risen 0.55% to USD55.00 a barrel, and WTI has risen 0.40% to USD52.25 a barrel. Further dollar strength could extend oil’s correction lower the USD53.00 a barrel level being a critical pivot level for Brent crude. WTI’s support is nearer, at USD51.50 a barrel although only a loss of USD49.30 calls the overall rally into concern. Longs could continue to be trimmed into the Biden inauguration and the expected flurry of executive orders shortly after. ....
Janet Yellen pushes GOP senators on $1.9-trillion pandemic relief package Martin Crutsinger Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account Getting audio file . This translation has been automatically generated and has not been verified for accuracy. Full Disclaimer Anna Moneymaker/Getty Images Janet Yellen, U.S. president-elect Joe Biden’s choice as Treasury secretary, said Tuesday the incoming administration would focus on winning quick passage of its US$1.9-trillion pandemic relief plan, rejecting Republican arguments the measure is too big given the size of U.S. budget deficits. ....
US markets are to open higher today, hovering close to recent all-time highs, ahead of president-elect Joe Biden outlining his new economic stimulus plan this evening. ....