US House Speaker Pelosi stays hopeful on reaching agreement over BBB in 2022

Anil Panchal FXStreet

Having witnessed a disappointment from Democratic Senator Joe Manchin, over President Joe Biden’s Build Back Better (BBB) plan, US House Speaker Nancy Pelosi writes a letter, per the Financial Times (FT) analyst James Politi.

The writer tweets that US House Speaker Pelosi wrote, "While it is disappointing that we may not have a law by the end of the year, we are hopeful that we will soon reach an agreement so that this vital legislation can pass as soon as possible next year".

Earlier in the day, Reuters came out with the news saying, “West Virginia's Joe Manchin appeared to deal a fatal blow to President Joe Biden's signature domestic policy bill, known as Build Back Better, which also aims to expand the social safety net and tackle climate change.”

FX reaction

The news fails to push back the market pessimism as the US Treasury yields remain pressured near the lowest levels since December 06 while the S&P 500 Futures drop around 1.0% by the press time.

Read: US Treasury yields remain pressured, S&P 500 Futures drop half a percent on sour sentiment

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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