U.S. stock futures have slipped lower after gains in Wednesday’s session. The 10-year Treasury yield is higher at 1.57%, but still hovering around mid-March lows. Gold is lower by 0.33% after an eight-week high touched overnight while the dollar is flat. Oil is up slightly after two down days and the VIX is below $18. Bitcoin is flat trading at the 55K level.
President Joe Biden kicked off a two-day Virtual Climate Summit today where he pledged to cut U.S. greenhouse gas emissions by at least half by 2030 which would represent a near-doubling of the U.S. commitment under the 2015 Paris Climate Agreement. The event will feature 40 heads of state, including Russia and China.
Yesterday, Biden announced that the U.S. had administered 200 million vaccine doses since he took office, fulfilling a pledge to reach that target within his first 100 days in office. As of this week, all American adults are eligible to receive a vaccine. “To put it simply, if you’ve been waiting for your turn, wait no longer,” Biden said. He also announced plans for a tax credit for small- and medium-sized businesses which would offset the cost of giving employees paid time off to get vaccinated.
Central bank activity continues as the European Central Bank left interest rates unchanged and made no changes to its bond-buying program. The ECB said the Governing Council decided to “reconfirm its very accommodative monetary policy stance.” The central bank said it would continue to buy bonds under its 1.85 trillion euro pandemic emergency purchase program until at least the end of March 2022, while net purchases under its asset purchase program would continue at a monthly pace of 20 billion euros. In the press conference, ECB’s Christine Lagarde said that the Inflation rebound is due to transitory factors and underlying price pressures will remain subdued. The ECB will monitor the impact of currency rates on the inflation outlook she went on to say. The euro is little changed on this news.
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