After an over 25-hour marathon of amendment voting, the US Senate passed President Joe Biden’s proposed massive $1.9 trillion COVID-19 stimulus bill on Saturday, per Bloomberg.
Senate passed the relief bill with 50-49 votes after Democrats settled an intra-party dispute over unemployment aid.
“The American Rescue Plan Act, now heads back to the House, where Majority Leader Steny Hoyer said a vote will be held Tuesday.”
“The plan includes a wave of new spending, an extension of jobless benefits, another round of direct household payments, money for state and local governments and an expansion of vaccinations and virus-testing programs including a national vaccine distribution program for all residents regardless of immigration status.”
“The legislation would send a third round of stimulus payments -- this time at $1,400 per eligible individual.”
In response to the Senate clearance, President Biden said: “As tough as this moment is, there are brighter days ahead -- there really are. It’s never been a good bet to bet against America.”
Ahead of Tuesday’s House vote, the US Treasury yields could continue with their recent upsurge amid the stimulus bill-induced reflation trade. Therefore, the US dollar could likely remain underpinned while non-yielding gold could extend its downward spiral.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.