After several hours of heated discussions, members of the US Senate took a vote on whether it is constitutional to put former-President Donald Trump on trial, considering his term has ended. Several Republicans voted with Democrats in favor of the impeachment trial’s constitutionality, which means the trial will continue, most likely until the end of February.
The fact that some Republicans clearly want to move forward with the impeachment of Donald Trump indicates that this trial might succeed, unlike the previous one. However, more Republican Senators will need to betray the party line than the ones who voted in favor of the trial last night.
However, Trump’s impeachment trial is hardly the most pressing matter for Congress at the moment. The Democratic Party is moving forward with specific plans on how to utilize Joe Biden’s $1.9 trillion stimulus plan. According to the latest legislation proposals, Democrats want to extend the boost to unemployment benefits at least until August and keep the stimulus checks.
If these suggestions are approved, the economic recovery of the United States could speed up, especially considering how Biden’s administration is ramping up Covid-19 vaccinations.
As for what’s on the economic calendar today, inflation reports seem to be the highlight. Japan’s January PPI reports were in line with the forecasts, while China disappointed investors with boths its PPI and inflation rate reports. Note that China is currently experiencing local lockdowns due to a resurgence of the coronavirus pandemic there.
In Germany inflation climbed to 1% in January, again meeting the forecasts. Later today we expect the latest inflation data from the United States as well.
Other events today include speeches from the representatives of various central banks around the world. ECB President Christine Lagarde and Federal Reserve Chair Jerome Powell will speak, as will the heads of the Bank of England and the Bank of Canada.
Thanks to the latest improvement in economic sentiment, US stock indices are going to make gains today. Of interest will be the shares of transportation companies Lyft and Uber, as well as Toyota and General Motors. Coca-Cola will also release its latest earnings report today.
