Daily Market Insight

• Fed's Evans says taper to take until mid-2022 to complete • Here’s How Markets Might React If Biden Picks Lael Brainard as Fed Chair • ECB must be ready to act if inflation proves more durable: Schnabel • Dollar takes breather from rally, hovers just off 16-month top

The White House on Wednesday stepped up efforts to get Congress to raise the federal debt ceiling. National Economic Council Deputy Director Bharat Ramamurti and Treasury counselor Ben Harris conveyed the message to Democrats that it’s the shared responsibility of Republicans to avoid a U.S. payment default.

U.S. home prices once again jumped the most in more than 30 years. The S&P CoreLogic Case-Shiller index of property values nationwide surged 18.6% in June from a year earlier.

Energy companies on Monday were beginning a days-long evaluation of facilities hit by Hurricane Ida as widespread power outages and flooding onshore presented major hurdles to restarting oil and gas processing plants.

The dollar was nursing losses on Monday and kept near multi-week lows after Federal Reserve Chair Jerome Powell laid out a slower-than-expected path to rate hikes, while a storm lashing oilfields in the Gulf of Mexico lifted oil-exposed currencies.

U.S. President Joe Biden's advisers are considering recommending Jerome Powell for a second term as Federal Reserve chair with Lael Brainard as chief regulator, Bloomberg News reported on Thursday.

The supply chain imbalances and higher demand currently leading to higher inflation are transitory and the U.S. Federal Reserve has the tools to respond if inflation remains elevated for longer than anticipated, Fed Vice Chair for Supervision Randal Quarles said on Monday.

U.S. President Joe Biden on Saturday withdrew his threat to veto a $1.2 trillion bipartisan infrastructure bill unless a separate Democratic spending plan also passes Congress, saying that was never his intent.

Hours after President Joe Biden declared "We have a deal" to renew the infrastructure of the United States, the Senate's top Republican lashed out at plans to follow the $1.2 trillion bipartisan bill with another measure funding what Democrats call "human infrastructure.

A period of high inflation in the United States may last longer than anticipated, two U.S. Federal Reserve officials said on Wednesday, prompting one to pull forward his views on when the central bank should start raising interest rates.