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The passage of a $550 billion infrastructure bill by the U.S. Senate won a major victory for Biden.
The Speaker of the House of Representatives will link the vote on the bill to a $3.5 trillion economic plan. $550 billion will be used to upgrade and expand roads, railways, power grids, and broadband. The US Senate passed a $550 billion infrastructure bill, marking the largest public utility spending in decades and winning President Joe Biden a major victory on the economic agenda. Members of both parties in the Senate passed the infrastructure bill by a 69-30 vote on Tuesday, making a breakthrough on an issue that has plagued Congress and the president for years. But the spirit of bipartisanship will soon fade away, Senate Majority Leader Chuck
BlackRock CEO warns that inflation could have a "big impact"
Larry Fink, chief executive of BlackRock, said investors may have underestimated the possibility of soaring inflation. "most people don't have more than 40 years of career, they only see the decline in inflation over the past 30 years," Fink said at a virtual event hosted by Deutsche Bank on Wednesday. "so it's going to be a very big shock." Fears of rising inflation have infiltrated the US market as the cost of goods such as wood and steel has risen this year. Fink joined first Boston in 1976 and began his career at a time of high inflation. In March 1980, the US consumer price index rose by 14.8.
It may be time for the Fed Harker: to think about reducing the size.
Patrick Harker, president of the Philadelphia Fed, said, "it may be time to at least think about reducing our purchases of $120 billion a month in Treasuries and mortgage-backed securities." "however, this is not something we will do all of a sudden," Harker said in a speech prepared for the Women in Housing and Finance virtual event on Wednesday. "We need to follow the script after the Great Recession; that is, start slowly reducing bond purchases. As the economy continues to strengthen, we will carefully and methodically cancel policy easing. "as you wish.
AMC shares hit a record high in intraday trading, with a market capitalization of $33 billion surpassing that of GameStop.
AMC Entertainment surged 127% on Wednesday, the biggest gain since Jan. 27 and hit a record intraday level, with its market capitalization rising to about $33 billion, surpassing GameStop's market capitalization of about $20 billion.
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