U.S. President-elect Joe Biden’s proposal to pour $1.9 trillion into a hobbled economy could lay the foundation for a surge in jobs and spending that many economists say is needed to avoid long-term damage from a record-breaking pandemic recession.
On Saturday, the US House of Representatives passed President Joe Biden’s $1.9 trillion coronavirus relief package by 219-212 votes. Republican support was missing, but the bill moved to the Senate, where is expected to pass before March 14, when the previous round of stimulus expires. Also on Saturday, President Biden called on the Senate to pass the stimulus bill.
The greenback appreciated sharply at the end of the week, finishing it with gains against all of its major rivals. Global indexes closed with sharp losses, except for the Nasdaq that managed to post an intraday advance.
US Treasury yields continued to retreat ahead of the weekly close, but that didn’t prevent the dollar from appreciating. The yield on the benchmark 10-year Treasury note settled at 1.40% after peaking at a one-year high of 1.61% mid-week. 
Analysts had already begun marking up their forecasts for economic growth this year after elections delivered control of both houses of Congress to Democrats. The new spending comes at a critical time for the world’s largest economy.
In January, personal spending increased at a robust 2.4% pace, while personal income soared 10.0%. The core PCE deflator rose 0.3% during the month and 1.5% over the year. Fed Chair Powell testified in front of Congress and underscored the FOMC’s commitment to keeping monetary policy accommodative, as the U.S. economy continues to recover from the COVID crisis.
The new package, which must still be voted on by Congress, would bring to $5.2 trillion the total fiscal stimulus delivered to the U.S. economy since the crisis began, equivalent to about a quarter of U.S. annual economic output.
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