QQQ
Senate passes $1.9T COVID relief bill
- The Senate has passed the Democrats' $1.9T COVID relief bill that
provides direct stimulus checks.
- The vote passed on party lines.
- The bill provides $1,400 checks for Americans, with income limits at
$75K per person and $150K per couple.
- The package also provides $300/week more in jobless benefits.
- Proposed Republican amendments were voted down by 50-49, the same
margin as the final vote. GOP Sen. Dan Sullivan of Alaska did note vote
due
to a family emergency.
- Democrats also had to resolve internal disputes over the bill during
the overnight session.
- The passage was expected by the markets, with the bond market looking
decidedly cautious about the inflationary effects of another $1.9T
hitting
the U.S. economy.
- The Nasdaq 100 (NASDAQ:QQQ) posted its third weekly loss in a row
after longer Treasury yields jumped to recent highs following dovish
comments from Fed Chairman Jerome Powell.
- The 10-year yield ended the week at 1.58% and topped 1.62% on
Thursday. (NYSEARCA:TBT)(NASDAQ:TLT)
- This is in contrast to a stock market where bulls were rooting for
another big stimulus package during the push-and-pull negotiations at the
end of the Trump administration.
- The bill will have to be passed by the House again before it can be
sent to President Joe Biden for his signature. A vote is expected on
Tuesday.
- Senate Majority Leader Mitch McConnell tweeted yesterday "All this
borrowed money for a parade of unrelated policies that even left-wing
experts say are badly targeted."
- After passage, Senator Bernie Sanders tweeted "The American Rescue
Plan is the most significant piece of legislation to benefit working
people
in the modern history of this country."
- Seeking Alpha contributor Russell Investments dug into stimulus
expectations and the latest rise in yields today.
|Today, 12:33 PM|193 Comments
Senate passes $1.9T COVID relief bill
- The Senate has passed the Democrats' $1.9T COVID relief bill that
provides direct stimulus checks.
- The vote passed on party lines.
- The bill provides $1,400 checks for Americans, with income limits at
$75K per person and $150K per couple.
- The package also provides $300/week more in jobless benefits.
- Proposed Republican amendments were voted down by 50-49, the same
margin as the final vote. GOP Sen. Dan Sullivan of Alaska did note vote
due
to a family emergency.
- Democrats also had to resolve internal disputes over the bill during
the overnight session.
- The passage was expected by the markets, with the bond market looking
decidedly cautious about the inflationary effects of another $1.9T
hitting
the U.S. economy.
- The Nasdaq 100 (NASDAQ:QQQ) posted its third weekly loss in a row
after longer Treasury yields jumped to recent highs following dovish
comments from Fed Chairman Jerome Powell.
- The 10-year yield ended the week at 1.58% and topped 1.62% on
Thursday. (NYSEARCA:TBT)(NASDAQ:TLT)
- This is in contrast to a stock market where bulls were rooting for
another big stimulus package during the push-and-pull negotiations at the
end of the Trump administration.
- The bill will have to be passed by the House again before it can be
sent to President Joe Biden for his signature. A vote is expected on
Tuesday.
- Senate Majority Leader Mitch McConnell tweeted yesterday "All this
borrowed money for a parade of unrelated policies that even left-wing
experts say are badly targeted."
- After passage, Senator Bernie Sanders tweeted "The American Rescue
Plan is the most significant piece of legislation to benefit working
people
in the modern history of this country."
- Seeking Alpha contributor Russell Investments dug into stimulus
expectations and the latest rise in yields today.
|Today, 12:33 PM|193 Comments
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