Biden pushes bid for a trillion dollar infrastructure program
President Biden pressed Congress to advance his multitrillion dollar domestic agenda with a $3.5 trillion plan over ten years. Leaders announced a road map funding climate health care child care energy and prekindergarten with paid leave and citizenship steps while moderates and progressives dispute scales and costs.
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Powell says inflation likely moderates despite high readings
Fed Chair Jerome Powell testified that inflation should remain elevated in coming months before moderating as supply constraints ease. He signaled no near-term rate changes and stressed price pressures are concentrated in a narrow set of reopening-related sectors, with overall inflation expected to decline over time.
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Stocks end mixed as tech up, banks slide on inflation view
Wall Street finished with small gains and losses as the S&P 500 rose 0.1 percent to 4,374.30 while the Nasdaq fell 0.2 percent. The Dow added 0.1 percent to 34,993.23 as small caps declined 1.6 percent to 2,202.36 amid inflation concerns and Fed commentary.
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Schumer backs bill to decriminalize marijuana nationwide
Senate Majority Leader Chuck Schumer sponsors a bill to end federal marijuana prohibition, pave licensing and taxation like alcohol, allow expungement of nonviolent cannabis records, and boost medical research. The measure faces a steep Senate hurdle despite House passage.
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