Wednesday, Chicago Fed President Charles Evans upped his support for Mr. Biden’s $1.9-T economic aid/relief/stimulus idea, saying he would rather risk a package that is too big than a smaller package that would mean a slower path to recovery.
“If it is too much, I think we can live with that – if it is too little, it is going to be extremely bad for so many people,” Mr. Evans said. “I think doing more is better than doing less in the current situation.”
Treasury Secretary Yellen said this wk that new growth forecasts from the Congressional Budget Office (CBO) showed the nation “desperately” needs Congress to act on Mr. Biden’s virus rescue idea.
Mr. Biden told Democratic lawmakers Wednesday that he is “not married” to an absolute number on his $1.9-T rescue idea, and that Congress needs to “act fast” to relieve the economic crisis.
He also said he does not want to waver from the $1,400 direct payment promised to citizens. He did say he is willing to “target” the aid meaning lowering the income threshold to qualify for the free money.
“We have to go big, not small,” Mr. Biden told the Democrats. “I’ve got your back, and you’ve got mine.”
Republicans proposed a $618-B alternative to the $1-9-T idea with a $1,000 direct payment and Zero aid for states and cities. Mr. Biden is continuing private talks with Republicans on areas for compromise.
Wednesday, the benchmark US stock market indexes finished at: Dow +36.12 at 30723.60, Nasdaq -2.23 to 13610.55, S&P 500 +3.86 at 3830.17
Volume: Trade on the NYSE came in at 1.0-B/shares exchanged.
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Neutral to Bullish with a Very Bullish bias in here.
- Russell 2000 +9.4% YTD
- NAS Comp +5.6% YTD
- S&P 500 +2.0% YTD
- DJIA +0.4% YTD
Looking Ahead: Investors will receive the preliminary Q-4 readings for Productivity and Unit Labor Costs, weekly Initial and Continuing Claims, and Factory Orders for December Thursday.
Have a healthy day, Keep the Faith!