Senate Republicans rejected an effort to begin debating the big infrastructure deal that a bipartisan group of senators brokered with President Joe Biden, but the pressure was mounting as supporters insisted they just needed more time before another vote possibly next week. In other news, one market expert thinks inflation is here to stay.
CNN Politics/Alex Rogers and Manu Raju
Republicans block vote on bipartisan infrastructure bill, pushing for more time to write it
Senate Republicans blocked a vote Wednesday to start debate on a $1.2 trillion bipartisan infrastructure bill, as they push for more time to strike a deal with Democrats and write the legislation.
The vote was 49-51, short of the 60 votes needed to advance the measure.
But lawmakers said their negotiations will intensify over the next few days with the goal of trying again to advance the measure by early next week.
A group of 22 Democratic and Republican senators said after the vote that they are “close to a final agreement” and are “are optimistic that we will finalize, and be prepared to advance, this historic bipartisan proposal to strengthen America’s infrastructure and create good-paying jobs in the coming days.”
Senate Majority Leader Chuck Schumer defended his decision to set up the vote despite Republican opposition, pointing out that the bipartisan group has spent more than a month negotiating. He said Wednesday that bipartisan negotiators are “close to finalizing their product” and that GOP senators “should feel comfortable voting to move forward today.”
“We all want the same thing here: to pass a bipartisan infrastructure bill,” said Schumer. “But in order to finish the bill, we first need to start.”
You can read more about them, here.
Kitco News/Megan Henney
Gold price holding $1,800 an ounce as U.S. weekly jobless claims rise by 51K
The gold market continues to hold important support above $1,800 an ounce but continues to see little movement to disappointing economic data as more Americans than expected apply for first-time unemployment.
For the third consecutive week, U.S. weekly jobless claims jumped more than expected. Thursday the U.S. Labor Department said that weekly jobless claims rose by 51,000 to 413,000, up from the previous week’s unrevised estimate of 368,000 claims.
According to consensus forecasts, economists were expecting to see a new pandemic low with 350,000 claims.
The latest employment data is not having much impact on the gold market. August gold futures last traded at $1,804 an ounce, relatively unchanged on the day.
The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – rose to 385,250 up by 750 claims from the previous week.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 3.236 million during the week ending July 10 down by 29,000 from the previous week’s revised level.
“This is the lowest level for insured unemployment since March 21, 2020 when it was 3,094,000,” the report said.
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Inflation is ‘here to stay’: Market expert
Maglan Capital President David Tawil on his outlook for inflation, oil and cryptocurrencies.
You can watch the full interview, here.