Today's news headlines:
‘Biden’s $1.9tn stimulus package wins final approval in congress’. The American economy will receive an enormous boost this Friday when Joe Biden signs the $1.9tn stimulus package into law. A vote of 220 to 211 in the House of Representatives has paved the way for a third round of fiscal stimulus. This follows the $900bn boost in December and an initial $2.5tn at the start of the pandemic. The package is largely unchanged, the hope is to subsidise the vaccine rollout and get the economy ‘roaring back’. (Financial Times)
‘Brussels hits back in vaccine exports row with UK’. The EU is lagging behind in its vaccination efforts, unlike the UK which is on track to have all adults vaccinated by the end of July. This has prompted European Council President Charles Michel to lash out and accuse the UK of controlling vaccine exports. The EU has so far exported around 34m doses, of which 9m have gone to the UK. Boris Johnson insists that vaccine supplies are available to countries where there are contractual obligations in place. (Financial Times)
Today's events, rates, and data
Overnight, Asian stocks soared as the US 10-year bond yield settled around 1.5%, lifting risk assets in the US markets. This morning, Sterling is testing the $1.3950 level against the Dollar while other major pairs look relatively unchanged. The European Central Bank release their interest rate decision later today.
UK RICS House Price Balance: 52% vs 49% last month.
Eurozone Monetary Policy statement: 12:45pm
ECB Press Conference: 1:30pm
US Unemployment Claims: 1:30pm
US 30-Year Bond Auction: 6:00pm
Canada Governor Council Member Lawrence Schembri Speaks: 6:30pm
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