The House of Representatives is expected to vote on the $1.9T stimulus relief plan this week and will most likely get passed without GOP support. Huge government spending continues to impact the bond markets negatively way as rates have inched higher in the past month. The bill includes $1,400 direct payments for those who qualify, support for small businesses, enhanced unemployment, funds for an underground train for Silicon Valley, an increase in SNAP benefits, aid to some U.S. states, possibly a $15 minimum wage and school funding.
Economic data is on the heavy side this week with housing, manufacturing, consumer attitudes and spending, economic growth and inflation data. There are no reports due out today. Fed Chair Powell will be in front of the House and Senate this week in his regularly scheduled semi-annual economic testimony. Mr. Powell most likely won't be offering any new rhetoric on the U.S. economy and asset purchases, but the event will be closely watched.