The U.S. Senate Majority Leader Chuck Schumer said on Monday that although moderate Democrat Joe Manchin opposed President Joe Biden’s approximately $2 trillion economic package, the Senate would respond at the beginning of the "new year" in 2022. Voting on the economic agenda. "Senators should be aware that the Senate will review the "Building a Better Future Bill" at the beginning of the new year so that every member of the Senate will have the opportunity to articulate their position in the Senate Chamber, not just on TV," Shu Mo said in a letter to colleagues in the Democratic Party on Monday.

The Turkish lira soared and rebounded from record lows after the Erdogan government announced special measures to boost the yuan. The exchange rate of the lira against the U.S. dollar rose by 25% to 12.28 lira to the U.S. dollar. The lira hit a record low of 18.36 during the session. Among the 31 major currencies tracked by Bloomberg, the lira had the largest gain on Monday.

The US dollar fund market continues to be plagued by the imbalance between supply and demand, and the Fed's use of reverse repurchase tools has reached a new high. New York Federal Reserve data shows that on Monday, 81 institutions participated in the Fed's overnight reverse repurchase operation, depositing a total of $1.758 trillion in the Fed system, exceeding the previous record high of $1.705 trillion on December 17. As the principal and interest paid by government-sponsored enterprises (GSE) enter the short-term financing market, the demand for the Fed's reverse repurchase tools has further increased. However, due to the increased debt issuance by the Treasury Department after the US Congress raised the debt ceiling, these funds are expected to leave the overnight market before the end of this week.

With the weakening of risk sentiment in the global financial market, Bitcoin has also continued its downward trend for five consecutive weeks since its historical high. The largest cryptocurrency by market value fell 2.5% to $45,583 in New York on Monday. Since the beginning of November when it hit a record high, Bitcoin has fallen by about 32%. Ether plummeted 4.3%, while popular decentralized finance (DeFi) currencies such as Solana, Cardano, Polkadot, and Polygon also fell.

The Bundesbank said that due to the new lockdown measures triggered by the resumption of the new crown epidemic, shoppers stay at home and do not want to go out. The economy of Germany, Europe's largest economy, may shrink this quarter. The Bundesbank stated in its monthly report on Monday that some service sector activities have been "seriously hindered". Although the impact on sales should be smaller compared to a year ago, because the current lockdown measures are not so strict and the time is relatively short, the continued tight supply situation is bringing additional pressure.

In 2022, the U.S. economy will learn to coexist with the new crown virus without the help of the Federal Reserve or the Federal Government—especially when President Joe Biden's $1.75 trillion spending plan is off track. The Fed turned to the credit crunch last week-ending its emergency bond purchase plan in March, paving the way for interest rate hikes. And just before that, the government expenditure program introduced during the worst period of the epidemic has just been cancelled. If the Democrats cannot save Biden's social spending plan under the opposition of key moderate senators, then the financial pressure will be even greater.

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