When he assumes office on Wednesday, President-elect Joe Biden will inherit a stock market near all-time highs, along with a gaping budget deficit, a weakening dollar, elevated economic uncertainty and a Federal Reserve that may have less ammunition to fight the next crisis.
Ultra-low Treasury yields - which plunged after the Fed cut interest rates to near-zero - have also increased the allure of stocks.If history is any guide, the stock market should give Biden a warm welcome. The S&P 500 has risen in the first 100 calendar days in eight of the last 10 presidential terms.
Regardless of where the dollar goes, the incoming administration has signaled it will be less likely to comment on the currency’s fluctuations than Trump, who periodically railed against a strong dollar.The national debt ballooned by almost 40per cent under Trump to nearly US$28 trillion, fueled by the passage of tax cuts in 2017 and a flood of spending to counter the economic hit from the coronavirus pandemic last year.
The U.S. national debt is likely to continue growing under Biden. Janet Yellen, his nominee for Treasury secretary, urged lawmakers on Tuesday to"act big" on the next coronavirus relief package, adding that the benefits outweigh the costs of a higher debt burden.Biden will inherit a Federal Reserve balance sheet that is bigger than ever, thanks to ramped-up spending in the wake of the pandemic.
Trump's shits 💩 all over white house
Trump has given a better economy than he received from Obama in spite of the Chinese Virus Pandemic.
Biden will turnover for sure ....... its harder when everything is roaring , esp easier if everything in the low