The US Senate overwhelmingly passed a wide-ranging bill that would spend nearly $250 billion to support the US manufacturing and technology industries and address economic and strategic challenges from China. The Senate passed the bill by a vote of 68 to 32, and it is rare for the two parties to reach a consensus in the often partisan Senate. It also shows that both parties are worried that the United States can lag behind its biggest global competitor. The bill authorizes spending of $190 billion, mostly to increase research and development at universities and other institutions, and another $52 billion in emergency spending to help domestic semiconductor manufacturers expand production.

In an effort to find a place for large amounts of money, demand for the Fed's reverse repo tool to control short-term interest rates rose to a record high for the second day in a row. On Thursday, about 46 institutions deposited about $497.4 billion with the Fed through overnight reverse repurchase agreements. That surpasses the record of $486.1 billion set on Monday, according to the New York Fed. The Fed's overnight reverse repo tool does not provide returns at all, but the demand for reverse repos is growing because of the flood of liquidity in the dollar financing market.

The number of job openings in the US hit an all-time high in April, highlighting the strong demand for labour from companies as epidemic restrictions are lifted and the economy strengthens. A survey of job vacancies and labor turnover released by the Labor Department on Tuesday, showed that the number of job vacancies rose to 9.3 million in April, the highest level since data were available in 2000. The March data was revised upward to 8.3 million, and the number of job openings in April exceeded hiring by 3.2 million, the largest difference on record.

According to a draft seen by Bloomberg News, EU leaders and US President Joe Biden will promise to end the trade war at the EU-US summit on June 15 and to eliminate customs duties related to the steel and aluminum trade conflict by the end of the year.

According to the draft, Europe and the United States will promise to find a solution to the dispute in the aviation industry by July 11. The contents of the draft may also be amended. The two sides had previously agreed to suspend tariffs on the aviation industry until July to facilitate a solution. In addition, the draft shows that the two sides will also try to eliminate tariffs imposed in the dispute over steel and aluminum trade by December 1.

While some major economies will drive the strongest global growth in 80 years, emerging markets and developing countries will continue to struggle to cope with the Covid-19 epidemic and its impact, the World Bank said. In its semi-annual Global Economic Outlook report, the Washington-based World Bank said global GDP would grow by 5.6 per cent this year, up from the 4.1 per cent forecast in January, mainly driven by 6.8 per cent growth in the US and 8.5 per cent in China. The World Bank has revised historical data to reflect the latest GDP weights.

Us President Joe Biden has unveiled a multi-pronged strategy to ensure critical supply chains for products ranging from pharmaceuticals to microchips, officials say. The government will set up a supply chain disruption working group to resolve bottlenecks that may affect economic recovery in the near future. Commerce Minister Gina Raimondo and Transport Minister Pete Buttigieg and Agriculture Minister Tom Vilsack will lead the team, focusing on addressing supply and demand imbalances in housing construction, semiconductors, transportation, agriculture and food, officials said.

According to the monthly "short-term Energy Outlook" released by the US EIA, EIA lowered its crude oil price forecast for 2022 by 25 cents, Brent crude oil to $60.49 per barrel, and Texas Intermediate (WTI) price forecast to $56.74 per barrel.

A senior Iranian official says Iran's policy on the nuclear deal will continue no matter who takes over after the departure of the country's current president, Hassan Rouhani, and will continue negotiations with major countries on how to restart the deal. Iranian government spokesman Ali Rabiei said that since the policy of engagement with the parties to the 2015 agreement, including the United States, was formulated by supreme leader Ayatollah Ali Khamenei and supported by the highest levels of the establishment, it will not change after the departure of the Rouhani government. Iran will hold a general election on June 18.

Risk Warning: The above content is for reference only, and does not represent JRFX’s position. JRFX does not assume any form of loss caused by any trading carried out in accordance with this article. Please consult your financial planner for your investment portfolios and manage your own risk.

JRFX is an online CFD broker providing more than 50 products for Forex, metals and commodities. Open a trading account within a minute. Deposit 100USD and download our MT4 trading platform now!