Breaking: US Senate has votes to pass $2-trillion economic rescue package bill to tackle coronavirus crisis

The US Senate has the votes to pass a US$2-trillion economic rescue package bill, which was agreed on Wednesday following days of marathon negotiations.

The Senate passes the package by a vote of 96-0 and now it goes on holiday until April 20^th.

However, there are provisions for Senators to be recalled at 24 hours’ notice if necessary, though.

Both North Dakota Senators, Kevin Cramer and John Hoeven, voted in favor of the third package.

Attention now turns to the voting in the Lower House, as the bill gets passed, which is unlikely to happen before Friday. The House Speaker Pelosi said the House members will get 24 hours’ notice prior to the US coronavirus relief bill vote.

In a letter to the members of the House of Representatives, House Leader Steny Hoyer, of Maryland, said the House will convene on Friday morning, March 27, at 9 a.m. to consider the bill.

“I expect that the House vote on final passage will be done by voice vote,” Hoyer noted.

The relief bill is aimed at easing the economic fallout from the coronavirus pandemic, the largest single piece of stimulus legislation in US history.

Market reaction

The market mood remains fragile, as investors fail to cheer the US Senate’s clearing of the aid package bill, with a growing number of infections in the US denting the risk appetite.

USD/JPY consolidates its drop below 111.00 while the Aussie sustains the recovery momentum above 0.5900. The Asian equities trade mixed, with the Japanese Nikkei 225, the main laggard. Meanwhile, Gold prices remain pressured near 1630 levels.

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