US 'Inflation Reduction Act’ to be passed via reconciliation on Saturday
The bill known as the Inflation Reduction Act, introduced last week by Senate Majority Leader Chuck Schumer and Democratic Senator Joe Manchin is likely to be passed via reconciliation and voted on Saturday, per Reuters.
Key takeaways
“Democratic US Senator Kyrsten Sinema said on Thursday she agreed to "move forward" on a $430 billion drug pricing, energy and tax bill, subject to a Senate arbiter's approval of the bill, which Democrats intend to pass over Republican objections.”
“The bill known as the Inflation Reduction Act, introduced last week by Schumer and Democratic Senator Joe Manchin, represents a key priority for Democrats and President Joe Biden.”
“With the 100-seat Senate split 50-50, Democrats plan to pass the bill without Republican support through a parliamentary process known as reconciliation.”
Market reaction
The US dollar index clings to minor recovery gains on the above headlines, trading at 105.88, up 0.18% on the day, as of writing.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
