Biden's huge fiscal stimulus bill is approved

Joe Biden's massive fiscal stimulus programme has passed through Congress meaning that most Americans are going to receive a one-off payment of $1,400, and that unemployment benefits is going to stay at $300 per week until September 2021

It represents a massive injection into the economy, and if it can help promote recovery, as you would expect it to, via the fiscal multiplier effect, then all will be well.

The potential downside is that some fear inflation - although I'm not convinced - and that it's come at high political cost.

That said, if it works, it will strengthen his hand substantially given the extent of Republican opposition to the bill.