US domestic longs distributors are finding relief in the form of potential infrastructure stimulus packages introduced by both Democratic and Republican parties earlier this week, Kallanish reports.
An Eastern distributor believes the domestic market is currently “…treading in the water” due to the uncertainty around the effects the coronavirus pandemic will have on supply and demand. He states that a potential infrastructure investment may “…help keep the markets afloat for however long it takes for everything to return to normal.”
Earlier this week, both US President Donald Trump and US House Speaker Nancy Pelosi discussed potential infrastructure plans to implement as a next step in response to the pandemic. President Trump floated a $2 trillion bill on Twitter, while Speaker Pelosi proposed a five-year, $760 billion infrastructure plan that built upon a proposal introduced by Democrats earlier this year. New provisions would include an additional $10 billion for public health centres to fight the spread of the pandemic, as well as new health programmes that would provide federal grants to low-income Americans.
In February, the United Steelworkers labour union urged congressional support of the original Democrat-backed infrastructure plan, dubbed the “Moving Forward Framework.”