Five Things You Need to Know to Start Your Day

Infrastructure bill is here at long last, Fed leadership debate heats up, and delta spreads to China.

The U.S. Senate looks poised this week to pass a $550 billion infrastructure bill that would provide the biggest infusion of federal spending on public works in decades and a boost to President Joe Biden’s economic agenda. Democratic and Republican senators combed through the 2,702-page bill text before submitting it to the full Senate Sunday night, with Majority Leader Chuck Schumer said it would pass “in a matter of days.” It includes about $110 billion in new spending for roads and bridges, $73 billion of power grid upgrades, $66 billion for rail and Amtrak, and $65 billion for broadband expansion. The bill falls short on a clean energy standard and electric vehicle tax credits. Controversially, it would extend some tax reporting rules to cryptocurrency brokers. In Monday trading, Bitcoin pulled back to below $40,000 after climbing over the weekend to the highest since May.