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The dollar weakened against most of its main competitors, with the Australian dollar and pound sterling soaring to new multi-year highs. The American currency fell, even though the yield on US Treasuries resumed growth and ended the week at its highest level in a year. Wall Street closed mixed on Friday, with the DJIA close to record highs, but the S&P declined for the fourth day in a row.
The Federal Reserve released its semi-annual monetary policy report, which showed policymakers believe that the risks of impending bankruptcies in the country “remain significant.” Chief Jerome Powell is due to testify before Congress this week, for the first time during Biden’s administration.
New York Federal Reserve President John Williams said Friday that:
“Yield growth is not a concern. The US economy is still in a deep hole. There are many ways for the economy right now to return to 2% inflation with maximum employment. Don’t worry about excessive fiscal incentives. The very strong asset prices reflect what investors are looking forward to, beyond COVID and low-interest rates. They see no evidence of imbalance.”
US Economy Sees Challenges Ahead
Boston Federal Reserve President Eric Rosengren said Friday that the US economy could face difficulties in the next few months.
Abnormally low temperatures in the US, especially in Texas, have forced a significant portion of US oil wells and refineries to shut down this week. Initially, oil prices rose due to this disruption, but they have since recovered much of their growth. They may even drop in the coming weeks if refining takes longer to get back online than production.
This week, most investor attention is likely to focus on President Joe Biden’s State of the Art Address, in which he is expected to provide details on a green infrastructure package dubbed the American Recovery Plan.
While Biden’s proposal could provide an initial rise in metal prices, there is no guarantee that Congress will legalize and, in any case, the money will be distributed over an extended period.
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