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Business News Roundup, April 2, 2021

Republican opposition to President Joe Biden’s infrastructure proposal, a gradual untangling of the Suez Canal traffic jam, “taper tantrum” concerns, and an ambitious five-year business investment plan in Connecticut are among the morning’s top business news items.


Senate Minority Leader Mitch McConnell has declared that Biden’s $2 trillion proposal for wide-ranging infrastructure upgrades, which would be funded through an increase in the corporate tax rate, will not win any GOP support. The rejection raises the possibility that any infrastructure legislation could be amended to attract bipartisan support, although Democrats could also seek to pass the measure through reconciliation as occurred with the $1.9 trillion American Rescue Plan.

Business trends

The backup of ships at the Suez Canal is slowly getting shorter following a six-day disruption where a large container vessel blocked the waterway, driving concerns about supply chain disruptions that could last for several months. While 420 ships were waiting for the canal to be opened when the vessel was finally freed, the number of ships waiting to transit has dropped to 206.

The strength of the U.S. economy is drawing billions of dollars in investments from emerging companies, spurring higher Treasury bond yields. The trend could put more strain on developing countries as investors focus their attention on foreign markets and has created worries of a repeat of the 2013 “taper tantrum,” in which the Federal Reserve’s easing of bond purchases led to an investor sell-off.


Connecticut Innovations is preparing to launch a five-year plan to support innovative new companies in the state by investing $200 million in startups. The organization has about 200 companies in its portfolios and operates on a model where returns are reinvested into new companies.

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