Biden to Name Ex-Fed Chair Yellen to Lead Treasury

26 Novembre, 2020, 06:15 | Auteur: Auguste Feret
  • Alan Greenspan on the Fed's pandemic response

"It's one more enormous risk we are piling onto the winter in the United States atop of other risks already there", Tedeschi told Business Insider.

THE US dollar nursed losses on Wednesday, as progress in developing a Covid-19 vaccine and expectations for a fiscal boost from a new US government triggered a shift of funds from the greenback to riskier assets.

"The Dow passing 30,000 represents achievement of an arbitrarily-set milestone, but it also captures the sentiment of the moment for investors", said Scott Knapp, chief market strategist at CUNA Mutual Group.

Global stock markets rebounded yesterday in the wake of positive news about Covid vaccines, along with data from the U.S. that exceeded expectations and the appointment of former Federal Reserve Chair Janet Yellen as Joe Biden's Treasury Secretary.

Yellen was nominated as Fed chair by President Barack Obama and served in the position from 2014 to 2018.

"They will aim to get the real economy to full employment". Exceptionally easy financial conditions will prevail for much longer than usual.

"More optimism in regard to the economy, based on the vaccines has taken some of the safe haven status away from the gold market", said David Meger, director of metals trading at High Ridge Futures. S&P 500 futures climbed 0.5% and Nasdaq 100 futures advanced 0.7%.

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Yellen, a policymaker that has always tended to err on the side of dovishness, will be the first woman to have headed up the Fed, the Treasury and the Council of Economic Advisors.

Yellen did "a very good job when she was the head of the Federal Reserve", he said, adding that her appointment "is good news for the USA economy and for the world economy".

Mnuchin, whose move was backed by Senate Majority Leader Mitch McConnell, R-Ky., told CNBC last week that Congress - which has stalled on a second round of relief funding since March - should decide how to repurpose the funds. It is holding above a key technical support at around 92, which analysts say would lead to further declines if broken. On the Asian markets overnight, Chinese blue-chips encountered a similar bout of profit-taking, leaving the Shanghai Composite down 1.2%, while Seoul's KOSPI fell 0.5%. The Brent crude futures market suggests traders are at their most bullish over the demand outlook in 2021 in months.

The dollar has come under pressure in recent months from expectations that US interest rates will remain near historic lows for years to come, and as news of various COVID-19 vaccines helped boost investors' appetite for riskier currencies.

The market shrugged off an unwelcome rise in U.S. inventories of 3.8 million barrels in the latest week.

Brent crude gained 3.91% to settle at $47.86 per barrel.



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