Yellen Says Encouraged By Top-line Spending Agreement, Hopeful That There Will Not Be A Government Shutdown; Biden Would Like To Extend Individual Tax Cuts In Place For Americans Earning Under $400,000, Will Propose Ways To Raise Revenues
Portfolio Pulse from Benzinga Newsdesk
Treasury Secretary Janet Yellen expressed optimism about reaching a top-line spending agreement to avoid a government shutdown. President Biden aims to extend tax cuts for Americans earning under $400,000 and is looking for ways to increase revenues.
January 08, 2024 | 8:36 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) may be influenced by Yellen's positive outlook on government spending and Biden's tax policy, potentially affecting market sentiment.
Yellen's comments may lead to positive market sentiment as they suggest a lower risk of a government shutdown, which can be disruptive to markets. Biden's intention to extend tax cuts for the middle class while seeking ways to raise revenues could be seen as market-friendly, potentially leading to a short-term positive impact on SPY, which tracks the S&P 500 and is sensitive to overall market sentiment and economic policies.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70