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With remarks to the national league of cities, US Treasury’s Janet Yellen says the Treasury will work to get $350 bln in coronavirus aid to state and local governments out ‘in the quickest way possible.’

She says city economies by end of 2021 will resemble 2019 much more than 2020.

Market implications

In all likelihood, US president Joe Biden will also sign $1.9tn of fiscal relief into law this week.  

Share prices in the US and Europe have reached their highest levels since the start of the pandemic as optimism grows that stimulus  can reflate a battered global economy without triggering a surge in inflation.