Money
US Senate officially passes $1 trillion infrastructure bill
We’ve been talking about it for months, but the day is finally here
The US Senate has officially passed the $1 trillion dollar infrastructure bill in what is a major win for Biden and the American people.
The bill was first on the list of Biden’s priorities, with Senators voting 69-30 to advance the big spend to the House of Representatives for further consideration.
It’s unclear how the bill will be viewed in the House… with a number of progressive Democrats already flagging that it isn’t progressive enough or as wide-reaching as it should be.
It follows Speaker Nancy Pelosi saying she won’t agree to the trillion-dollar spend until the Senate also passes part two of the infrastructure plan – a $3.5 trillion package.
Regardless, the current bill gaining bipartisan support in the Senate is a significant victory for Biden’s presidency.
U.S. President Joe Biden delivers remarks on the May jobs report after U.S. employers boosted hiring amid the easing coronavirus disease (COVID-19) pandemic, at the Rehoboth Beach Convention Center in Rehoboth Beach, Delaware, U.S., June 4, 2021. REUTERS/Kevin Lamarque
In a joint statement, those who led the negotiations say:
“Congress has talked about truly modernizing our nation’s infrastructure for as long as we can remember… the United States Senate delivered so that we can finally give the American people the safe, reliable, and modern infrastructure they deserve”.
The bipartisan bill includes around $550 billion in new spending… which will be invested in infrastructure projects like roads, bridges, broadband, water and rail.
Vice President Kamala Harris says it won’t be the middle class who pay for the package.
Money
Markets tumble as Trump tariffs, Greenland rhetoric and Europe backlash collide
U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.
U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.
U.S. equities took a sharp hit as markets reacted to renewed tariff threats and heightened political rhetoric from President Donald Trump. The Dow plunged more than 800 points, with the S&P 500 and Nasdaq also sliding as investor nerves rattled risk assets.
The sell-off highlights growing concern around global trade tensions and geopolitical uncertainty, with markets struggling to price in what comes next for U.S. economic leadership and policy direction.
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Money
Gold hits record highs as investors flee risk
Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.
Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.
Gold is shining brighter than ever as investors flock to safe-haven assets amid global uncertainty. U.S. gold futures for February delivery jumped 1.71% to $4,674.20 per ounce, while spot gold rose 1.6% to $4,668.14.
The surge comes as geopolitical tensions continue to worry traders, prompting a rush into metals perceived as stable and secure. Analysts say gold is proving its status as the ultimate hedge during turbulent times.
Investors are closely watching markets as gold sets new benchmarks, signalling growing caution across the financial landscape.
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Money
Markets edge higher as 10-year yields hit new highs
Major stock indices rise slightly; 10-year Treasury yield hits 4.23% amid Fed Chair speculation, affecting small and mega-cap stocks.
Major stock indices rise slightly; 10-year Treasury yield hits 4.23% amid Fed Chair speculation, affecting small and mega-cap stocks.
All major stock indices are starting the week slightly higher, giving investors cautious optimism. Analysts are keeping an eye on movements in small caps and mega-cap tech stocks amid these early gains.
The yield on the 10-year Treasury note has climbed to 4.23%, the highest since last September. This follows Kevin Warsh emerging as the frontrunner for the next Federal Reserve Chair, sparking speculation on future monetary policy.
Rising yields could trigger a pullback in small-cap stocks, while investors may pivot toward mega-cap tech, expected to deliver strong earnings growth. Overall, the market is likely to see a neutral to slightly bearish trend next week due to overbought conditions.
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