Chuck Schumer has set up a deadline of sorts for Wednesday to begin debate on a bipartisan infrastructure bill in hopes of getting it done before the August recess. Only problem is there is no bipartisan infrastructure bill and may not be one this week.
— Reuters: “Asian shares slipped again on Monday while perceived safe haven assets, including the yen and gold, edged higher as investor risk appetite was soured by fears of rising inflation and a relentless surge in coronavirus cases. …
"The spectre of elevated inflation, which the market has long feared, is also haunting investors. Economists at Bank of America have downgraded their forecasts for U.S. economic growth to 6.5% this year, from 7% previously, but maintained their 5.5% forecast for next year.
“Even before that, gasoline prices in the United States had been steadily rising. The average price of a gallon of regular gasoline in the United States is now $3.17, according to AAA. A year ago… gas cost just $2.18 a gallon on average”— WSJ’s Caitlin McCabe: “The latest victim of the rampaging bull market in stocks is the Wall Street maxim that glowing investor sentiment is a sell signal.
"Treasury Secretary Janet Yellen is scheduled Monday to hold a meeting of the President’s Working Group on Financial Markets to discuss stablecoins, the Treasury Department said Friday. The group includes the heads of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission.”— Bloomberg’s Justina Lee: “On the day of one of the cryptocurrency market’s worst routs, Alex Holland woke up to a wave of messages from friends and family.
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