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GOP senators pass infrastructure bill, record inflation follows

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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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Economy

VIDEO: Thousands of packages looted as thieves rob L.A. bound trains

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@JohnSchreiber

The lawlessness of California continues to manifest itself in very visible ways. Videos are emerging on social media showing huge amounts of trash, and in particular, UPS boxes and amazon packages that were en route to residential addresses.

The trash is piling up jut next to the train tracks, where CBS Los Angeles reports train burglaries are on the rise. “There’s loot3ed packages as far as the eye can see. Amazon packages, @UPS boxes, unused Covid tests, fishing lures, epi pens. Cargo containers left busted open on trains” tweeted John Schreiber.

Schreiber added, “I’m told by law enforcement these @UPS bags are especially sought after by thieves opening cargo containers…they are often full of boxes with merchandise bound for residential addresses. More valuable than say, a cargo container full of low value bulky items like toilet paper.”

Schreiber’s multiple videos posted to Twitter show the absolute disgust resulting from the thievery. “As you can see, trains frequently slow or stop in this area as they get worked into the @UnionPacific Intermodal facility near Downtown LA. The thieves use this opportunity to break open containers and take what’s inside, I’d say every 4th or 5th rail car had opened containers.

In another tweet with more photos of damaged property, Schreiber writes, “missing a package? Shipment delayed? Maybe your package is among the thousands we found discarded among the tracks. This is but one area thieves have targeted trains. We were told this area was just cleaned up 30 days ago so what you see is all within the last month. @CBSLA.”

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