Inflation Reduction Act, BLS Employment Report, Hawkish Fed, Earnings, CPI, PPI

By now, the news is stale. Reader’s likely already know that the US Senate has passed a climate, tax and healthcare focused bill, known as the “Inflation Reduction Act” along strictly partisan lines, using a method called “reconciliation.” This process allows for a simple majority to advance a bill in the US legislative branch’s upper chamber provided that the contents of said bill be strictly related to the budget. This bill passed 51-50, with all 50 senators that caucus with the Democrats voting for, all 50 Republican senators voting against and Vice President Kamala Harris casting the tie-breaking vote in favor. The bill still needs to pass in the House of Representatives where a vote is expected this Friday, and then will head to the president’s desk for a signature. Neither of those steps is seen as an impediment. I know, you have tried to read through the bill only to find yourself thinking about cheeseburgers and baseball a few minutes later. What? Like I’m the only one (one eyebrow raised)? The bill lays out a large amount of spending on green energy programs, including measures allowing the government to negotiate lower prescription prices on a handful of drugs, while…
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