The only thing on my mind this week is
But while I am temporarily sane. Here are some quick hits for the short week ahead. Markets are closed on Thursday and itβs a half-day on Friday.
STOCK MARKET RECAP
Markets continue to crush it. The S&P 500 hit its 66th All-Time High of the year. Now just needs 11 more to break the all-time record set in 1995 with 77.
However, things were not GREEN for every sector of the market. Big Tech is looking like Steph, they make it look so easy.
Fears of COVID spreading once again spooked investors as Austria and Germany went into a lockdown mode. Here in the States, the Midwest reported rising hospitalizations. We can see Big Tech doing its job in the NASDAQ and keeping the S&P 500 alive. The Dow on the other hand got crushed all week long.
ECONOMIC RECAP
We are finally getting some movement on the BBB. Not talking about the Better Business Bureau, I am talking about Bidenβs Build Back Better spending bill. It was finally passed in the House of Representatives Friday night after Representative Kevin McCarthy gave an 8-hour speech to try and delay the bill. I thought I was petty.
Apparently, no one is a petty as politicians. DAYUM!
The $1.75 Trillion Package adds spending for things like education, healthcare, and fighting climate change. This is different from the Infrastructure Bill that was passed last week. However, it is still an investment in the most important infrastructure of all, PEOPLE!
The deciding factor of the bill passing in the house was a review from the Congressional Budget Office that gave the thumbs-up. They said the bill would almost be able to pay for itself and only (and I use only very loosely) add $367 billion to the federal deficit over the next decade. However, they added that if more resources are provided for the IRS to enforce tax collection. The IRS will be able to collect over $200 billion in revenue over the same decade. The Treasury added that the number would be closer to $400 billion in tax revenue collected.
However, this does not mean the bill is free and passed. It still has to go through the Senate where it could very well die. So we will have to wait and see what happens next.
WEEK OF FOOβ¦I MEAN STOCKS
The biggest move that we should all be paying attention to is who President Biden will choose as the new Federal Reserve chairman. Will Papa Powell remain or will we be getting Mama Brainard?
As far as their policies go there are not any major differences in how they view the economy. Brainard will probably baby the markets a bit more just like a true Mama does, where Powell is ready to taper and cut off the easy money supply. Brainard will also be more likely to hold interest rates lower than Powell would.
So stay tuned! This announcement could move markets.
Outside of that, it is a pretty BORING week for stocks. Which is great so we can actually focus on the important things. Like how to properly carve a turkey
Incase Anyone forgot MAN U STILL SUCKS!
After one weekend of moral victories because we had no league games last week due to international break. Man U returned to the field to remind us just HOW BAD THEY ARE!!
Watford is literally FIGHTING to remain in the Premier League. How are you losing to them?! Iβm sorry but its time for Ole to go. My goodness things are just going from bad to THE WORST! It is also not just that they lost, it is the way they lost the game. It is the same problems every single week. Almost like the coach is not even coaching the team. Itβs just BAD!
Thank you for reading
I hope you all have A WONDERFUL week. I will not see you back here on Wednesday for another post because I will be in a Food COMA. In the meantime, you can also catch me on TikTok, Instagram, and YouTube every day.
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Remember GENEROSITY > greed
God bless Each and Everyone of yβall
βπΎ
-Kelechi