According to recent podcasts, Biden’s American Rescue Plan brings the total global spend on Covid relief to $16 trillion, reports Ian Murphy of MurphyTrading.com.
That is four times greater than help doled out during the financial crisis—most of us remember the austerity which followed.
The UK has already raised corporate taxes and Biden’s administration is said to be preparing something similar, with income and capital gains taxes also in the crosshairs. Inflation and interest rates are once again being discussed in polite conversation, and a currency/debit crisis in emerging markets is looking likely, if not inevitable.
In other news, global stock markets keep going up. European indices saw a bullish trend with the CAC40 in Paris especially strong, trading above the 3ATR line.
The three main US equity indices ended last week in bullish territory on weekly charts having found support at or above the 21EMA. A follow through on this week’s bar will confirm the recent action was just a pullback in a continuing bull trend as all three EMAs are still green.
Learn more about Ian Murphy at MurphyTrading.com.
