Senate Republicans are conducting a marathon vote to pass a controversial tax cut and spending bill.

From Yahoo Finance: 2025-07-01 06:26:00

Senate Republicans are in a marathon “vote-a-rama” trying to pass a controversial tax cut and spending bill, adding trillions to the U.S. debt. This has weakened the dollar against the euro, worrying global investors. Meanwhile, Trump is pushing for efficiency in subsidies, and U.S. power sector emissions are at a three-year high.

The Congressional Budget Office estimates the Senate bill will add $3.3 trillion to the $36.2 trillion U.S. debt. Despite this, bond markets are quiet, focusing on inflation and potential Fed rate cuts. Trump is pressuring Powell to cut rates, with Goldman Sachs predicting three cuts this year, keeping bond investors content.

The U.S. dollar has dropped 11% this year, the largest first-half decline since the 1970s. Concerns about U.S. policy, trade tensions, and Fed independence have impacted the dollar’s status as the world’s top reserve currency. Events to watch include ISM data, job openings, Powell speaking, and Constellation Brands earnings.



Read more at Yahoo Finance: Morning Bid: Senate’s vote-a-rama continues