Biden to call for roughly $2 trillion in job and infrastructure spending

The US president Joe Biden will call for roughly $2tln in job and infrastructure spending according to Reuters sources stating that the plan will include spending over 8 years.

Markets are racing for the announcements that will offer the first concrete details of Biden’s plan to overhaul federal spending

In any case, to succeed, Biden will have to convince the public and lawmakers on a multitrillion-dollar investment in infrastructure and social safety nets.

A revamp of the tax code will also be needed to help address funding needs and widening inequality.

Meanwhile, the US dollar is enjoying some newly found optimism in the prospects of a faster economic recovery in the US. US yields shot higher as well on Tuesday. 

The US 10-year yield rose to its highest level since January late last night (touching 1.7740%), before moving back to end the day flat around 1.7150%.

Optimism fuelled by the US making vaccines available to 90% of people in the next month also bolstered reflation prospects,