Attention is now turned to Joe Biden’s inauguration as the next president of the United States. The event will be marked by a high-security presence due to possible civil unrest and the lack of crowds because of the Covid-19 pandemic.
His nominee for Treasury Secretary, Janet Yellen, appeared Tuesday in front of the Senate Finance Committee and defended Joe Biden’s proposal for a $1.9 trillion relief package, stating that now is the time to “act big”.
This resulted in some market changes: the Dow Jones was up 0.4%, the S&P 0.8%, and the Nasdaq rose 1.5%.
In the meantime, The People’s Bank of China (PBoC) decided to leave its 1-year prime loan rate unchanged at 3.85%, and 5-year at 4.65% as the economy is still recovering from the Covid-19 consequences. The decision moved the Australian Dollar from $0.77026 to $0.77072.