U.S. Equity Markets bounced around on a relatively quiet day, ending the session mixed as the new week got off to a quiet start. Although, the NASDAQ closed 0.49% higher, the Dow closed yesterday’s session with a loss of 0.37%. Over the weekend, Treasury Secretary Janet Yellen said President Joe Biden should push ahead with his $4 trillion spending plan even if it triggers an uptick in inflation, saying that higher interest rates would be a plus for the Federal Reserve. This brought back concerns over inflation and rising interest rates, which could hurt growth stocks. Infrastructure remained in the news, after President Biden rejected the recent Republican counterproposal, saying it does not go far enough. Biden and Senator Shelley Moore Capito (R-WV) are set for more talks today. The big catalysts are slated for later in the week, with the ECB’s monetary policy meeting and U.S. inflation data. European Markets closed higher. Treasury Secretary Yellen urged other Group of Seven (“G7”) countries to keep up fiscal support for their economies and not withdraw stimulus too early. G7 counties agreed to a deal on a minimum global tax rate for multinational corporations, though how the agreement will be implemented remains to be seen. Bank of England Deputy Governor Jon Cunliffe said the British economy is seeing a strong bounce back as COVID-19 restrictions are lifted, with pubs and restaurants seeing the largest rebound. Ride-sharing giant Uber (UBER) said its Rides business recovered to pre-pandemic levels in the U.K., Spain, and Germany last month. In Asia, Secretary of State Antony Blinken said the U.S. will hold China accountable for the origins of the COVID-19 pandemic. The U.S. Trade Representative said that the White House was committed to levelling the imbalanced relationship between the U.S. and China. Chinese social media site Weibo suspended some cryptocurrency accounts, another sign that the country is cracking down on market exuberance. Taiwan’s government extended its COVID-19 restrictions by two weeks to June 28 as it deals with rising case numbers. Elsewhere, Bitcoin closed 4% lower on reports that the SEC was concerned with Tesla’s acceptance of bitcoin payments, while Gold rose 0.57% on Dollar weakness.
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