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By Jenny Goldsberry
After 19 Republican Senators, including Minority Leader Mitch McConnell (R-KY), voted to pass President Biden’s infrastructure bill Tuesday, inflation is nearing record highs. While this bill contributed it the US dollar’s rise, experts also credit the most recent jobs report.
The Senate passed the bill 69 to 30. They included Republican Sens. Roy Blunt (R-MO), Richard Burr (R-NC) Bill Cassidy (R-LA), Shelley Moore Capito (R-WV), Susan Collins (R-ME), Kevin Cramer (R-ND) Mike Crapo (R-ID), Deb Fischer (R-NE), Lindsey Graham (R-SC), Chuck Grassley (R-IA), John Hoeven (R-ND), Lisa Murkowski (R-AL), Rob Portman (R-OH), Jim Risch (R-ID), Mitt Romney (R-UT), Dan Sullivan (R-AL), Thom Tillis (R-NC) and Roger Wicker (R-MS).
Head of G10 FX research at Credit Agricole Valentin Marinov spoke with Reuters about the result of the bill.
“The stronger than expected non-farm payrolls report on Friday boosted the dollar across the board as it seemingly helped the Fed move closer to QE (quantitative easing) taper and policy normalization,” Marinov told them. “In addition, the U.S. Senate has passed President Biden’s infrastructure package and thus boosted market expectations of growing U.S. Treasury issuance at a time when the Fed is expected to announce their intention to reduce their U.S. Treasury buying.”
As a result, US consumer prices also increased by 5.4%. They were expected to rise, but by 5.3% only. Prices haven’t been this high since August 2008.
Meanwhile, the Japanese yen, Chinese yuan and Korean won are moving in the opposite direction. All have been on the decrease for weeks now.
You can follow Jenny Goldsberry on Twitter @jennyjournalism.
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Massachusetts Democrat Mayor wants to end ‘right-to-shelter’ law amidst migrant crisis
More Democrat leaders from non-border states are wising up to the immigration crisis our nation faces. Woburn mayor Scott Galvin, of the progressive state of Massachusetts, is hoping that lawmakers will overturn a 40-year-old law because the reality of being “bleeding heart liberals” is resulting in the demise of his town.
The 40-year-old “right-to-shelter” law has got to go, says mayor Galvin, because of the immense strain the thousands of migrant families are putting on the area’s residents. By Friday, there were about 150 families living in the city’s hotels, an “unsustainable” arrangement for his 40,000 constituents.
Galvin told the New York Times the right-to-shelter law, which only exists in Massachusetts, was “passed at a different time, and was not meant to cover what we’re seeing now.”
National Review reports:
Under the 1983 right-to-shelter law, Massachusetts officials are legally required to offer housing to any homeless families seeking shelter in the state. The law now covers a rising influx of migrant families, although individuals are not covered under its provisions.
“We’re going above and beyond, while some communities around us are not being impacted, and we don’t have endless capacity in our schools,” said Galvin. “The benefits that are bestowed on migrants make the state a very attractive destination, and without some changes, this challenge is not going to abate.”
Massachusetts Democrat Governor Maura Healey already declared a state of emergency on August 8th, requesting help from the federal government. On August 31, Healey activated up to 250 Massachusetts National Guard members to assist the more than 6,000 migrant families already in the state’s shelter system.
Approximately 6,300 families are living in emergency shelters and hotels across the state, up roughly 50 percent from the year prior. The cost for such accommodations for all the migrants is approximately $45 million per month, National Review reports.
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