Days after his premature return to the Oval Office after being treated for Covid19, US President Donald Trump had made a surprise announcement halting all talk for any stimulus relief for American consumers and businesses.
The announcement caused the Dow Jones to drop -1.3%, the S&P 500 dropped -1.4%, and the Nasdaq dropped -1.6%
at 2:48pm Trump tweeted,
“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”
at exactly that time, BITCOIN value plummeted after holding steady for a record time
This may offer a chance to pick up a few coins at cheaper rates, however the concern in the markets are what will happen now that negations have broken down?
The initial $2.2 Trillion stimulus relief which bolstered markets in March has largely since run out. Economists are warning that without further stimulus bailouts, there are concerns for the immediate future, both for the many individuals impacted by the shutdowns, as well as the many businesses who serve them.
This surprise announcement seemed to come as a surprise to many GOP Republicans as well, who seemed under the impression that talks would continue to try and reach an accord for a stimulus plan.
Democratic speaker Nancy Pelosi even went as far as to question whether Trump's taking of steroid was impacting his thinking. The drugdexamethasone was given to Trump on Saturday when his oxygen level dipped due to an active Covid-19 viral infection.
"Believe me, there are people who think that steroids have an impact on thinking....he refuses to put money in workers’ pockets, unless his name is printed on the check,"
Surprise twitter announcements have ceased to surprise many close to Trump, while the announcement took many markets unprepared. Boeing prices dropped -6.8%, Amazon lost -3%, and the Big 4 (Facebook, Apple, Alphabet/Google,Microsoft) and Netflix all lost -2%
Let's watch the ticker for BitCoin ... the decentralized currency may just be the safe haven 'store-of-value' that seems sorely lacking in fiat and traditional banking systems so easily shaken
