Build Back Better, BTC/USD, Technical Outlook, Edition #146 (16/11/2021)
Biden signs US$1 Trillion infrastructure bill into law ⚡ Will the President's plan fight inflation - or fall asleep at the wheel? Q discusses the latest from the White House, Crypto & Equities 👇
"Build Back Better" Biden signs US $1 Trillion infrastructure bill into law
As reported by Reuters, US President Joe Biden has signed the landmark USD 1.2 trillion infrastructure bill into law at a White House ceremony earlier this week.
Which also includes tax reporting provisions that apply to cryptocurrency.
The President plans to rebuild ailing US infrastructure and expand the reach of broadband internet access to millions of Americans by dispersing billions to state and local governments in a bid to create jobs.
Qluster analysts reference claims that this new legislation may even combat acute inflation concerns - Biden Can Whip Inflation and Build Back Better, as the WSJ titles.
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However, astute risk management principles suggest it is wisest to remain patient for the markets to produce a material response and quantifiable data before hitching one’s capital to the bandwagon.
Q refers to an official White House statement published on the 28th of October, 2021. In particular, the figures outlined in the release are seen below:
Above: The White House - Official Statement data released on the 28th of October, 2021.
Of particular interest, the White House has said Biden signed an executive order before the ceremony directing that material made in the United States is given priority in infrastructure projects.
Despite the watering down of the bill’s initial size, the Bipartisan Infrastructure Law certainly carries a substantial price tag by any measure. Furthermore, Q notes notable incentives for utilising the stimulus for US-made materials and services.
A note before diving into the charts…
Qluster analysts maintain a close monitor on upcoming economic data, in particular, for signs of increased productivity and production that may allude to more clues behind this looming question of inflation.
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