From Business Insider’s “US stock futures rise as dollar and bonds fall ahead of Janet Yellen pledge to ‘act big’ on stimulus” posted early Tuesday:
US stock futures rose on Tuesday, while the dollar and bond prices fell, as investors awaited the confirmation hearing of Treasury secretary nominee Janet Yellen, who is set to pledge to “act big” on stimulus.
Asian stocks moved broadly higher overnight, with the exception of China. Oil prices were buoyed by investor optimism about demand; gold advanced as the dollar slipped; and European stocks opened higher…
Tuesday marks the final full day of Donald Trump’s presidency, with Joe Biden set to be sworn in on Wednesday.
Biden has already pledged $1.9 trillion in stimulus and Yellen, his pick for Treasury secretary, is likely to drive home that message in her confirmation hearing later on.
“Right now, with interest rates at historic lows, the smartest thing we can do is act big,” former Federal Reserve chair Yellen will say, according to a copy of her remarks reported in the Financial Times and various other media outlets.
My take: I’m waiting to see who gets pardoned.