US Senator Sanders: Democrats will use reconciliation to pass Covid-19 relief package – CNN

Anil Panchal FXStreet

CNN quotes the incoming chairman of the US Senate Budget Committee, also a Vermont Senator, Barnie Sanders, while brushing off the doubts over the $1.9 trillion coronavirus (COVID-19) relief package from US President Joe Biden.

“Democrats would use a rare procedural tactic to pass major parts of a Covid-19 relief package if Republicans refuse to move on the measure,” per the news.

Senator Sanders also mentioned, "If we do not respond now, yes, I believe two years from now the Republicans will say, 'Hey, you elected these guys, they did nothing, vote for us,' and they will win."

It should be noted that the report also said, “There are still questions about what parts of Biden's Covid-19 relief package would be allowed to advance under reconciliation. Some aides have identified that items like the $15 minimum wage could struggle to meet the criteria.”

FX implications

The news seemed to have offered consolidation in the risk tone while backing the stimulus hopes. As a result, S&P 500 Futures print 0.20% intraday gains by press time of early Asian session on Monday.

Also read: Gridlocked Washington and covid risks to weigh on risk appetite

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.

GBP/USD flirts with 1.3350 in the Fed's aftermath

GBP/USD reversed early losses following the Federal Reserve decision to keep rates on hold and neared the 1.3350 level before shedding some ground. Focus shifts to Governor Kevin Warsh's speech, while the Bank of England will announce its monetary policy decision on Thursday.

EUR/USD jumps to 1.1430 on Fed's announcement

EUR/USD peaked at 1.1430 following the Federal Reserve monetary policy decision to keep interest rates on hold. The statement showed policymakers remain confident in economic progress while blaming inflation on energy prices.

Gold hovers around $4,080 as Fed decision hit the USD

Gold surged following the Federal Reserve's decision to keep the benchmark interest rate unchanged at 3.50%-3.75%. Policymakers noted that inflation remains elevated and that economic activity is expanding at a solid pace despite elevated uncertainty.

Bitcoin slips below support, Ethereum and XRP flash bearish signals

Bitcoin, Ethereum and Ripple remain under pressure on Wednesday after a mild correction earlier this week. BTC slips below a key support zone, and ETH is testing a key resistance zone. Meanwhile, XRP is drifting toward the psychologically important $1.00 support level.

Bitcoin muted as markets fret over Fed, crypto bill

There are two main drivers for crypto this week, keeping Bitcoin trapped within its $58,000-$65,000 summer consolidation range. The cautious tone is being set by the Fed's policy decision scheduled later on Wednesday, a key catalyst for risk assets.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.