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Democrats struggle for unity on spending bill


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Treasury Secretary Janet Yellen said she was hopeful that the administration’s infrastructure package would be approved soon while saying she does not believe it will add to the inflation problems the U.S. has been experiencing. “It will boost the economy’s potential to grow, the economy’s supply potential, which tends to push inflation down, not up,” Yellen said. – Jesse Pound, Yun Lei, “Stocks Close at Record Highs, Market Notches Best Month of the Year Despite Big Tech Earnings Misses,” www.cnbc.com, October 29, 2021.

ECB President Christine Lagarde’s failure during a Thursday press conference to push back against market expectations of higher interest rates has brought out bears, with Danske Bank strategists expecting the euro to fall to $1.10 over the next 12 months. – “Dollar Climbs as Inflation Builds Case for Higher Rates,” Reuters, October 29, 2021.

Most world stock indices…

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