The lack of a strong plan by lawmakers to financially help those unemployed at the hands of the COVID-19 pandemic could be akin to launching a heat-seeking missile on a hard-charging stock market.
We all know how that ends (badly).
Yahoo Finance reports.’ data-reactid=”20″>In reality, the selloff could be far more severe given how important consumer spending is to the U.S. economy, as Yahoo Finance reports.
Mussio believes a deal on a fiscal relief package will be somewhere north of $1 trillion, but less than $3 trillion.
Leaders on Capitol Hill are picking up their negotiations to avoid the U.S. economy falling off a fiscal cliff while the pandemic rages on.
payroll tax cut.’ data-reactid=”35″>Senate Majority Leader Mitch McConnell is reportedly eyeing a new $1 trillion stimulus as a starting point in negotiations. Meanwhile, President Trump is clamoring for a payroll tax cut.
Amidst this last minute juggling act in D.C., the stock market continues to power higher on optimism an impressive package is inked. That optimism on stimulus is fueling more optimism that perhaps the unemployed get back to work sooner than expected.
Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.‘ data-reactid=”39″>Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.