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Yellen's message, IEA outlook, and of course Biden

Yesterday was filled with optimism and joyful expectations. Expectations of money, a lot of money. In this light, the speech of the future head of the US Treasury, Jannet Yellen, in Congress caused increased interest. In fact, the former head of the Fed was supposed to present Biden's plan for a new stimulus package, which the he announced last week. What she actually did, saying that it was time to spend big and don't think about debt. Let's save the economy and the citizens of the United States today, and we will deal with the consequences tomorrow, that was her message. By the way, today Biden's inauguration and America will move in the new era.

The stock market as a whole was growing confidently, but rather strange things were happening in single stocks as usual for the current earnings season. Goldman Sachs published excellent financial results, but the shares were under pressure, losing about 1.5% during the trading session. Bank of America was rather unconvincing on almost all fronts of reporting, from profit to revenues, but at the same time, stocks demonstrated growth throughout almost the entire American session.

Oil also grew yesterday. But that was a part of the overall movement, not the asset's own strength. The fact is that the IEA published its monthly outlook with forecasts for the oil market for 2021 and their vision is rather pessimistic: the value of demand has decreased by 0.3 million bpd. In general, the rise in oil continues to be part of the general movement of greed and as soon as the markets remember about fear, oil will invariably fall out.