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The US Senate Democrats on Thursday took a major procedural step toward approving the $1.9 trillion coronavirus relief package.

US Lawmakers are on track with their goal of passing the bill by this weekend.

However, Republican opposition will likely slow the process. nevertheless, the US Democrats hope to get the bill to President Joe Biden’s desk before the $300 per week unemployment insurance boost and programs extending benefits to millions of more people formally  expire on March 14.

After the Senate passage of the plan, the House plans to approve it by the middle of next week.

Democrats could pass the bill on their own in the Senate, with Harris breaking a tie.

Market implications

Equity markets need a lifeline, and this could also be detrimental to the US dollar going forward. For now, however, the market is pricing at higher rates which are supporting the greenback.