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Biden says he expects congress to act on US debt ceiling

Biden to sign executive order to increase competition

Biden
  • We’ve seen less competition in our economy and that’s holding our economy back
  • Cites pharma, hearing aids and internet services
  • Capitalism without competition isn’t capitalism, it’s exploitation
  • There will be no more tolerance for abusive monopolies
  • FDA will safely import prescription drugs from Canada
  • Hearing aids will be sold over the counter
  • Executive order will target non-compete clauses
There’s a strong consensus about eliminating non-compete clauses, especially in low-wage workers. He cited clauses preventing McDonald fast food workers from going to Burger King.

What’s on the US economic calendar next week

Events to watch out for

Events to watch out for
It’s a slow start to the week but there is some top-tier data on inflation and the consumer and both will be market movers.
Monday:
  • US 10-year note sale
  • Kashkari comments
Tuesday:
  • US CPI
  • US 30-year bond sale
Wednesday:
  • Powell: Day 1 of Humphrey Hawkins
  • Beige Book
  • Kaskari
  • PPI
Thursday:
  • Powell: Day 2 of Humphrey Hawkins
  • Initial jobless claims
  • Philly Fed
  • Empire Fed
  • Industrial production
  • Fed’s Evans
Friday:
  • Retail sales
  • Fed’s Williams
  • Prelim U Mich sentiment