Equity markets were mixed last week although we sit just below new ATH’s. The S&P 500 added 0.3%, as gains in consumer discretionary and technology outweighed declines across most other sectors. We are in the year end tax selling time period so expect oversized moves each direction.
The House passed the roughly $2 trillion Build Back Better bill last Thursday. It allocates new funding for climate control, universal pre-k, health care, and housing, and extends the child-care tax credit for one year to the end of 2022. Much of the increase in spending will be covered by higher taxes on corporations (largely via the 15% minimum tax on domestic and international earnings) and the wealthiest households. The spending is front-loaded to the first five years of the 10-year plan.
This morning, President Biden announced Chair Powell as his Fed Chairman and Fed Governor Brainard as his Vice Chair nominees.
YouTube/Podcast – Friday 11/19/21: Are Stocks acting silly?
New or Noise Podcast – Wednesday 11/17/2021: Do the Federal Reserve Member Appointments Matter for stocks.
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