Daily Outlook: Pelosi said the U.S. House of Representatives will pass a $550 billion infrastructure bill this week

2021-09-27 10:59:00

01

Pelosi said the U.S. House of Representatives will pass a $550 billion infrastructure bill this week:

The Speaker of the U.S. House of Representatives, Nancy Pelosi, promised to pass a $550 billion infrastructure bill this week and avoid the suspension of the U.S. government. At the same time, he arranged intensive legislative work to ensure that President Biden's economic agenda remains on track. "We will submit the bill for consideration tomorrow," Pelosi said on ABC TV on Sunday. "But you know, I will never submit a bill to the House of Representatives without sufficient votes."

02

Fed Mester supports the November reduction:

The two regional Federal Reserve Bank presidents said on Friday that the US economy has met the conditions for the Federal Reserve to begin reducing asset purchases soon. "I support reducing purchases from November and ending purchases in the first half of next year," said Loretta Mester, Governor of the Federal Reserve Bank of Cleveland. In addition, Kansas City Federal Reserve President Esther George said that “the standard for further substantial progress has been reached”, referring to the prerequisites set by the Federal Reserve for underweight asset purchases.

03

The increase in sales of new homes in the United States in August exceeded expectations:

The growth rate of new residential sales in the United States in August exceeded expectations, reaching the highest level in four months, indicating that builders are gradually digesting the backlog of orders and demand is stabilizing. Government data released on Friday showed that the sales of newly built single-family homes in August increased by 1.5%, equivalent to an annual rate of 740,000 units. The data in July was revised upward to 729,000. Economists surveyed by Bloomberg expected a median value of 715,000. The residential real estate industry is facing a series of unfavorable factors. Although the basic demand is stable, it is difficult for builders to keep up with order demand due to supply chain bottlenecks and difficulty in recruiting workers. The increase in sales in August was driven by the sales of off-plan properties that have not yet started, which means that construction activities will also remain active in the next few months.

04

The longer-term inflation expectations of American consumers are still tightly controlled:

Economists at the Federal Reserve Bank of New York pointed out that despite the high price pressures during the epidemic, the longer-term inflation expectations of US consumers are still “firmly anchored”. “Consumer inflation expectations over the five-year period in August 2021 are as firmly anchored as they were before the outbreak two years ago,” said a New York Fed economist led by Oliver Armantier in a blog post published on the bank’s website on Friday. . The author of the article cited the latest data obtained by the New York Federal Reserve Bank through a survey of American households. The bank’s monthly consumer expectations survey covers one-year and three-year inflation expectations. In recent months, these expectations have risen to the highest level in the 8-year history of the survey.

05

Iranian Foreign Minister: Negotiations on the nuclear agreement will be resumed soon:

Iranian Foreign Minister Hossein Amirabdollahian said on Friday that Iran will "soon" resume negotiations to limit nuclear activities. During breakfast with reporters in New York, Amirabdollahian stated that Iran believes that negotiations are part of diplomacy, but the United States continues to send conflicting signals. He said that Biden has been maintaining former President Trump's destructive trade sanctions. Amirabdollahian said that the United States continues to prevent Iran from obtaining funds from banks in South Korea and Japan, which may be used to purchase the new crown vaccine.

06

The Central Bank of China: All virtual currency-related businesses are illegal financial activities:

The Central Bank of China stated that all cryptocurrency-related transactions are illegal, strictly prohibited, and resolutely banned in accordance with the law. This sent the strongest signal of its determination to crack down on the cryptocurrency industry. The People's Bank of China stated on its website that virtual currencies such as Bitcoin and TEDA do not have the same legal status as legal tender and cannot be circulated in the market as currency. The Central Bank of China stated in the statement that all virtual currency-related businesses, including overseas virtual currency exchanges providing services to Chinese residents through the Internet, are all illegal financial activities.


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