♪ haidi: good morning. >> we are counting down to asia's major market opens. shery: the top stories this hour. u.s. stocks hit a record high as president biden's infrastructure plan boosts sentiment. he says the deal will create millions of jobs.

banks prepared to announce payouts. they saved up a stockpile of cash during the pandemic. australia vows to defend -- here's a quick check of the markets. we are seeing u.s. futures gaining a 10th of 1%. we are seeing the s&p, dow and nasdaq closing at a record high. also shares rallying before the results of the fed stress test. we have seen bank stocks having outperformed the broader markets. the dollar was under a little bit of pressure given the data that we got. jobless claims falling last week but higher than forecast.

-- producers like u.s. steel seeing the best deal -- debt rest day in two weeks. staying with the infrastructure plan, the it white house says it will finance a range of programs including transport. >> this bipartisan agreement represents the largest investment in public transit in american history. i might add that the largest investment in rail since the creation of amtrak. you will know i have nothing but affection for amtrak. >> get some analysis from a member of the house infrastructure committee. he joins us exclusively from washington. it's great to have you with us. give us your reaction to this end whether you expect a long process of becoming law to actually happen. >> it will become law.

there is no way that this is going to fail. the compromise that was put together in the senate mirrors the work we have already done here in the house. the numbers are in the same range. we can always split the difference between the two numbers. the programs that were in the compromise that the senate put together are also in legislation that the house is going to be taking up. it has already passed the house committee. we are on the way. none of the words we have always used in california, yes we can. we can get this done. it's a good moment for america, a good moment for the free world. a good moment to push back against china. >> is the bipartisan bill conditional to what the president has called the human infrastructure package given that you still have to work on the reconciliation bill, how long could it take? >> i believe this is going to be

done by the late part of this year. the fiscal year is over at the end of september. we probably will not make that deadline on all of the legislation. the infrastructure would definitely be ready to go in the early fall weather we take it up there or later depending on the soft infrastructure. keep in mind that one part -- one piece of the soft infrastructure has already passed the senate under the guise of competition with china. $130 billion of that soft infrastructure package was specifically for research, facilities, science education. that is a big piece of the joe biden agenda that is already in place including making america. the remaining of the money was to support america's industries being competitive in the world

environment. the tech industry, specifically. electronic chips of one sort or another. other kinds of advanced technology manufacturing in america. that will clearly pass the house. the pieces of the puzzle are coming together. >> some of the criticism has been that is light on climate measures. do we expect these measures to be worked out through the reconciliation process? parks i think it is an underestimate of the senate compromise. when you look at the electrification of american highways, that is a major part of any of the green technologies. there is also a major piece in the negotiations, not specified in law language, but rather in the generalities. it's the electrical grid. there are also programs that could easily be interpreted as

being the green energy technology. wind, solar, batteries. those are probably included in some of the large elements that are in the compromise. clearly, the electrification is there. the charging stations are there. all of that is part of it. some of the things that will also be part of that is the conservation of energy. i think we will see that in the elements going forward. >> talk to us about the funding. it seems to be a bit of a hodgepodge because clearly, tax raising was a redline from the republicans. will that have to be worked out through bug -- budget reconciliation? >> yes, there's a lot of smoke and mirrors. what is real remains to be seen.

the republicans refused to raise taxes on the higher income or on corporations. joe biden refused to raise taxes on anyone earning less than $40,000. that leaves many -- maybe 10 people. that is clearly straightforward taxes are not there. however, there is a shoot amount of money that is expected to be gathered from tax avoidance. in other words, people who have been avoiding paying taxes by playing it close to the line on tax law or maybe over the line on tax law. there's a significant increase now before the house financial appropriations committee to fund the irs. we are talking about a few billion dollars more annually for the irs to go after the tax avoidance issue. we do know that the 2011 through

2013, it was in us -- estimated that over $380 billion of tax money was not collected but properly owed. for those folks who are playing it close, probably many of whom are listening to this right now, the irs is coming after you. donald trump, beware. the irs is going to have the personnel to go after folks who have been playing it close or over the line on tax avoidance. shery: you mentioned how big chunks of what the democrats wanted were also achieved through the china bill. what else could we see on that front. we are seeing now more bipartisan consensus on the need to push back against beijing. >> the house armed services committee and the senate armed services committee are dealing

with the american military issues. virtually every element of that discussion is juxtaposition and the u.s. military against the chinese military buildup. on that side, we are seeing very significant activity. similarly, we are seeing significant activity on building our alliances and relationships. i noticed you have on this screen or part of this discussion, our friends from australia. we will, you will see the united states government and the congress rapidly building our relationships which were nearly destroyed by our former president. we are seeing that with nato and in the pacific.

>> we appreciate your time. let's get some more insight in terms of the market reaction. it is senior investment strategist joins us. i'm sure having watched the -- development, how much of this has the market priced in? >> it looks like some of the sectors and specific stocks performed quite well on the announcement. this is something that we were expecting what happened at my team. to be honest, i was a little surprised it wasn't a slightly larger package. that they are trying to pay for it with various measures, the $579 billion price tag spent over five years. i think that is why we didn't see a huge reaction in the fixed income market. you saw the positive or market

-- reaction of the stock market in those areas like materials and industrials yet the fixed income market, you didn't see treasury yields rising on this because of fears over excessive deficit spending. it was a rather nice balanced package. when that we were expecting, that came in paid for better than we had feared. >> we have also seen $15 billion included for electric vehicle infrastructure. how much of that has been priced into the markets and could we see more upside on those names? >> it's about who is it that's going to be deploying this now? we do think there is room to run for some of those names associated with buildout of that type of infrastructure. if you're thinking about the other areas in terms of alleged vehicles, they have come a long way already. it's hard to argue that people weren't expecting this was going to happen eventually.

that would get this type of buildout. shery: stay with us. we will be discussing more especially on those stress test. for now, let's get to sophie in hong kong. >> infrastructure plays are on watch here in asia. so far this year, we have seen more cyclical and mining outperform. this on the delayed recovery trend. back to bloomberg intelligence, there has been a limited rebound in valuation, but there is still strong earnings momentum for industrial. when it comes to china specifically, sloman credit growth that may curb construction demand. switching out the chart, singapore air saying the australia travel bubble has been halted.

want to look at the transport sector in asia. we have seen a pickup as a cause for concern. we are noting there is diminished -- given the expectations are already subdued. not returning to the levels we saw in the second quarter of last year. it going into 2022, we could see value opportunities emerge. >> still ahead, a mega ipo in new york. plus, china is suing australia over antidumping measures. this is the third recent case between the two countries. this is bloomberg. ♪

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>> the bank of england has warned against premature tightening pushing back against speculation. the outlook shows higher than six weeks ago. officials voted to remain the pace of bond buying. the peso rallied after the bank of mexico raised its key rate for the first time since 2018. they hiked rakes -- rates 25 basis points. inflation accelerated to more than 6% in june. far above the target. mexico joins a small group of countries that have raised rates.

pakistani security forces have arrested a man they say is a key suspect in the deadly car bombing on wednesday. it killed three people and wounded 25. officials say the man was arrested at the airport as he was trying to flee the country. global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. haidi: the fed stress test results are in. >> the banks easily passed the test this time and demonstrated they have the minimum capital requirements that the fed asked for. you are seeing banks across the board with the exception of goldman rallying. citigroup, morgan stanley, morgan stanley all rising on these results. not only were the banks above

the minimum, but what it means is that the pandemic restrictions on dividends and stock buybacks have all been lifted. the early estimates are that we could see the biggest payout from the six biggest u.s. banks that we have seen before. jp morgan, bank of america, and citigroup could return more than $140 billion to shareholders. the test shows they built up a stockpile of cash or in the pandemic and clearly you have a lot of investors out there waiting for this greenlight. shery: they can finally start announcing the capital plans to start. what else were the highlight? >> to get to the dividend issue, they will probably start issuing the announcements very quickly. the banks showed that this was important to them. there is an edge that comes from paying out dividends and clearly, you had wall street

lobbies even before the results were announced arguing that it was important they would be able to pay these out that at a minimum, this shows that the economy is recovering. there are also seeing u.s. bank valuations recovery. doing better than the european counterparts. we can also see that european banks are below bank value. another thing important to point out is that the banks were given three different stress tests over the year. each one a hypothetical of what a recession would be. that's part of what these tests are about. the one in this year's exam included 11% unemployment and the stock market tanking by more than half. what would the banks show? the results were that all of them did extremely well. the biggest banks saw the aggregate ratio fall to a minimum 10.6% and the take away is that still more than twice

the 4.5% minimum that the fed requires so the banks are in very good shape. it looks like the dividends will be coming. shery: we will see what progressive lawmakers say about that. the divide within the fed so-called hawks and doves resting on one big question, will the post-pandemic rise in prices subside by year end? we have the latest round of fed speak. >> certainly, the power at the dovish camp. i'm talking about the chair and vice chair as well as others. one said they are going to come back down to 2% because what we

are seeing now is people getting back on airplanes going to hotels. it is pushing up prices, but they are coming back down. it's just an adjustment back to normal. one also said inflation pressures are probably going to ease. a car prices shot up. they're going to come down as we go into the fourth quarter. he also said when it comes to rate hikes, the economy is still far from maximum employment so it's too soon to talk about that. shery: what do the hawks had to say? >> the opposite case. the surges in prices may not prove to be temporary. they may persist. one said -- the fed's goal to try to get inflation above 2% and stay there has a risk and the risk is that it could surprise more to the upside as

reopening continues and it's going to get beyond that level that you need to make up the fact you still have below 2% for so long. one said he sees the upside risk to his inflation forecast is it's going to be higher because the narrow price increases are going to broaden out. >> let's get back to our guest. we will get your views on inflation and what the fed does shortly. i want to get your views on these stress tests of the banks. we knew they were going to pass easily. we thought the markets had pretty much priced in. you are seeing a little bit of higher trading, but is it enough to cause higher momentum in the bank trade? >> maybe the announcement about distribution to shareholders which is something we will have to wait until monday to hear about as far as the amount of

$140 billion that they have available that they're going to distribute to shareholders. my team, we have been positive on the financials as we saw the yield curve steepen. it has come down a little bit since then. we are at about 1.75% on the 10 year. now, we are closer to 1.5. financials have fallen and yields have come down. we are interested in watching the extent to which they're going to shift from originating loans for the government because it effectively, all of the loan growth that we have seen has been government guaranteed. they are hoping on their balance sheet, that tends to be the higher-margin. it's higher risk but also higher return on equity. we think that's going to happen and that's one of the reasons why we have been positive on the financials. you have the steep yield curve, the ability to distribute some of the cash to shareholders and we think that with the economy

reopening, you're going to be able to see them grow their book of things they are holding on the balance sheet. >> when it comes to the inflation debate, how do you see the tapering process unfold? >> very gradually like watching paint dry. that's how someone described it. obviously, it created issues. this time, that's why they are trying to telegraph it's so hard -- so far advanced. that's why there's talk about talk about tapering. i think is probably not going to happen until the first part of 2022. >> thank you so much. plenty more ahead. this is bloomberg. ♪

♪ >> a quick check of the headlines. reliance industries -- an independent director with them sent to complete the investment deal later this year. that was delayed after the pandemic hit energy demand. reliance industries unveiled a push into clean energy with $10 billion of investments over three years. the conglomerate which gets revenue from oil refining and chemicals plans to spend around $8 billion on four factories. another $2 billion on value chain and other partnerships. nike sales -- last quarter when it faced a boycott on alleged human rights abuses. it missed analyst expectations.

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shery: china has filed a lawsuit against australia's wto over measures australia has taken against chinese export. the move further aggravates some already tense relationships. paul allen joins us now. the tit for tat continues because this is the latest in a string of just wta measures -- wto measures between the two countries. paul: this is the latest

chapter in a long and unpleasant story. when tariffs were imposed back in 2014, they were imposed on china and south korea although the measures have since been lifted against south korea. the kitchen sink tariffs were applied in 2015 and the railway tariffs were applied in 2019 to both china and france as well. the trade minister says that those tariffs were put in place after some extensive and rigorous analysis. china objecting to all of this as the spokesperson was pointing out that australia launched more than 100 trade investigations against china and antidumping investigations while china has only launched four against australia. you mentioned over wine and barley tariffs. these dispute processes take a long time to play out. he would prefer to settle this

face-to-face. he had no response to a letter he wrote to his chinese counterparts in december and there's been no minutes gurriel contact between the two countries for 2.5 years now. shery: australian exports were hit by chinese trade action. are they finding a way back into the country again? paul: it appears so. evidence suggests they are entering china through hong kong. last year of course, they faced lengthy delays heading into china. these are live lobster exports. they were sitting on the tarmac. china was concerned about traces of heavy metals and that appeared to be another trait right. lobster -- trade strike. lobster exports have surged by 2000%. it does seem unlikely that hong kong residents are not eating 20

times as much australian lobster but the data is showing that china's fish and crustacean exports have grown from $500,000 last september to $10 million in april. there is australian lobsters that have a rather interesting travel tale to tell. haidi: paul allen in sydney. let's take a look at what else is on our radar ahead of the friday trading session in australia. we are looking at the outbreaks of the delta variant in sydney. they will be delivering an update that held off on a lockdown. southwell's residence will be unable to travel quarantine free for at least the next 12 days. csl was one of them at the start of trade which has been cut to neutral. shery: former new york fed president and bloomberg opinion columnist bill dudley says the fed is likely to stay patient

despite growing calls for a tighter policy as the economy recovers. he expects asset purchases to continue for some time. >> they are going to stop asset purchases quickly well into the fall. and then when it finally decides to start to normalize its balance sheet, the balance sheet is so big that it will take a long time to get back to the excess reserves we had prior to the pandemic. we have a system where the interest rate is the primary tool of monetary policies. >> i understand the argument that the fed wants to continue with their very easy money policies simply allow inflation to pick up an employment to get to a better place. however, people have pointed to certain areas in the mortgage market in particular. do you think it's advisable, that it would harm the progress

for them to pare back the purchases they make every month? bill: i think it would have an effect on expectations of that. the fed has acknowledged they made substantial further progress towards their goals. i don't think it would be that important for the housing market. the monetary policy and the tightening. lisa: is that the preferred method? bill: i don't think they are going to do it. they will be patient. bill: what about -- lisa: what about an equal tapering? 5 billion in treasuries, is that an easy path to go? bill: you have a template for the last cycle and to deviate, you have to have a good reason. just raised a bunch of

questions. why aren't you following the game plan? >> what did we learn from the last time around, bill? we had some balance sheet reductions several years later. bill: in all fairness, i think it went quite smoothly. first, we got the asset purchases, taper the asset purchases down, and then we start to normalize the balance sheet. the market has a template to look at. last time, they did not. a lot more uncertainty about what the fed will do. it's one reason why the markets are comfortable in what the fed is up to. lisa: do you think that there's too much that speak? there is basically a fed official every hour speaking. bill: there is always too much that speak. the chairman, the vice chairman, the board of governors, clarida

-- >> are you saying ignore the fed presidents when they go around doing speeches? bill: put a lot less weight on them. the big three set the agenda for the federal market committee. those two people are not on board. don't put too much weight on it. >> how much they influence the conversation inside the federal reserve, when you have those fomc meetings, when you have them really pushing back at the turn of the last crisis, going through the recovery. how much do they influence the conversation? bill: they influence the conversation because they offer a different perspective. it is important in terms of getting monetary policymaking. at the end of the day, the committee is going to go where

the consensus is. they marginalized themselves because they are not relevant in terms of where is the committee going to go in the future? right now, there's a lot of disagreement about when they taper asset purchases because people are uncertain about the state of the recovery and how fast it cuts into unused labor resources. there's quite a lot of disagreement about timing. the people that matter are clara and powell because they -- clarida and powell. shery: bill dudley. it's all inflation concerns right now. focus here in the u.s. but across the world as we continue to see strength in the emerging market currencies with the mexican peso topping that 19.9 level after rallying more than 1.5% in the new york session. we saw banks raising their rates for the first time since 2018. it's coming at a time when

inflation has been really rallying and we saw inflation numbers topping 6%, which is way above their inflation target. a similar picture for brazil, when annual inflation is topping 8%, more than double the central bank target. same thing with the chilean peso , around 4% higher than the 3% inflation target. we continue to see these moves from chile as well. they could see lift often central bank rates as soon as next month. brazil was one of the first to hike rates in the t-20. we continue to see the rally in these against the u.s. dollar as inflation becomes more of a concern. haidi: it will be top of mind when we speak later on with the monetary board member, anita. she joins us to discuss female leadership at the central bank in the next hour. u.s. banks are poised to

announce big payoffs after passing the feds stress test. we discuss things with chris whalen, next. this is bloomberg. ♪

vonnie: this is "daybreak asia." i am vonnie claim. president biden has reached a

tentative deal on his infrastructure plan. the legislation has support from both sides of the aisle and is expected to move through congress alongside a separate democrats only bill that would send trillions more -- human infrastructure. it is not clear whether either measure would get enough support to clear the house and the senate. former new york city mayor and rudy giuliani have been banned from practicing law in new york state for lies he told about the 2020 presidential election. in its ruling, a manhattan appeals court said giuliani put the public at risk by making false and misleading statements to bolster narratives at the election was stolen from then-president donald trump. the bank of england has warned against premature tightening, pushing back against the speculation that it is preparing to boost race to fight a surge of inflation. remarks contrast with a sharp increase in the inflation outlook, taking a 3% -- higher

than three weeks ago. they keep the benchmark lending rate at .1%. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quine. this is bloomberg. sherry. shery: this year's federal reserve stress test shows the industry built up a stockpile of cash during the pandemic and large lender's will no longer face restrictions on how much they can spend, buying back stock and paying dividends. to discuss further, we are joined by the chairman of whalen global advisors. give us your reaction first to the stress tests. were they as you were expecting? chris: not much of a surprise really. these banks are under leveraged. they don't have enough demand for loans. we are at a several decade low in terms of the percentage of loans on the balance sheets of u.s. banks. if anything, they would like to

be smaller. the issue today is the liquidity of the fed has provided is really not something the banks communes and it hurts their returns. they have plenty of capital. i was not surprised by this result. shery: what does this mean in terms of dividend payouts? chris: we will return to normal at least for a couple of quarters but once we have released all of the reserves back into income from last year, there was no crisis last year, no consumer classes, so we have $60 billion that we are going to take back into income, but after that, the run rate income for the industry is going to be weak. i think revenues will be flat to down next year because spreads are under a lot of pressure. until the fed stopped buying bonds and stops buying mortgage bonds, banks are going to have spread compression. it is something to be concerned about. banks are portfolios and at the end of the day, if spreads are

under a lot of pressure, they are going to earn money. -- less money. haidi: where do you weigh in on the inflation debate and what do the next six months to 12 months look like for the federal victory? -- said trajectory -- fed trajectory? chris: they have to change their view on mortgage bond purchases. we are going to do less volume this year so would it bring for the fed to taper. i think overall, they have a bit of a problem because once you do quantitative easing, you are buying bonds. when you stop, you take liquidity out of the system and you are trying to figure out a way to do this. we are taking $.5 trillion of cash every week out through reverse repurchase agreements. we are doing short-term operations to take cash out of the market. there is a bit of a schizophrenia right now and the

fed has a dilemma in the bond market because they don't want another repeat of last year. they don't want another march to april of 2020. how we actually normalize policy , which we have been talking about obviously, is a very open question i think. i don't know that the fed knows how to get there. haidi: are low funding costs enough? chris: oh my god, the funding costs for the entire u.s. banking system, $20 trillion, is going to be less than $10 billion this quarter, 30 basis points, so we have cheap funding. the issue is, can banks make money on their assets and asset returns put under pressure, partly because banks are too big ? the fed has given them short-term liquidity. there is so much we can do. it will disappear in a couple of months so you cannot make a

mortgage loan with that liquidity. it has made the banks bigger and it has hurt their returns, but it has not given them the kind of lending power they would like to have, but frankly, there is no demand. the bond market and equity markets have been satiating all of the demand of emerging companies, large companies, and the execution is better in the markets and the banks. you know, the banks are under pressure to make money on their assets right now. haidi: good to have you with us. thank you so much for your insights, chairman of whalen global advisors. the doj is set to be examining banks over a multibillion-dollar trade before its collapse. antitrust investigators are particularly looking into how the members rushed to liquidate their positions in march. let's cross to new york and our finance reporter. jenny, what exactly are they doing? jenny: we broke the news today that the department of

justice, there antitrust division specifically, is looking at all of the lender's that were in a big rush to unwind their positions as rk goes -- the company collapsed. the meetings were happening where lender tried to coordinate that process. our understanding is that that all ultimately fell apart but it is something that antitrust investigators are looking at. haidi: what comes next in terms of the fallout just continuing to play out? jenny: i think we are just going to continue to see regulators looking at this issue. it is interesting. we heard the fcc talk a lot about this and we heard, obviously, bank watchers and activists talk about this, so you are just going to see these banks continue to face pressure over their practices with their prime brokerage units, where this all happened, and definitely, you might see them continue to pull back on may be the risk management and some of their appetite for catering to

these smaller firms that like to do these. haidi: jenny with the latest on the archegos fallout in new york. so for cameroonian -- sophie. we are seeing soft jen -- socgen turning cautious. sophie: that kicked off in the second quarter of last year. they are trimming their overweight position in equities to 49% given the valuations are looking highly stretched. flipping the board, when it comes to playing the recovery and reflation trade, you have socgen saying go along europe and em stocks. -- go long europe and e.m. stocks. plus socgen saying it is time to reload on green transition stocks. in asia, we have an indian billionaire planning to

spend $10 million in this space. shery: a chinese ridehailing giant releases more details about its plan to ipo in the u.s. we have the latest. this is bloomberg. ♪

>> we know we will never be able

to compete before large developers, nor do we want it to, and therefore, our advantage might be in innovating. the ambition from the board and myself to grow or amend, i don't think we saw i was going to take it out of property development into co-working in fitness and wellness. shery: that wounds michelle young, director. catch more of that exclusive interview on generation x, monday, need, and sunday evening in new york. the chinese ridehailing giant, didi, has released more details about its planned listing and says it's looking to raise as much as $4 billion. crystal, what else have we learned? >> they are filing today and we are learning that the evaluation right now is over 60 billion,

which is lower than people expected, which is around 100 billion, and that would mean that, you know, it's not the biggest deal in the u.s. since uber. that was the expectation. it is only the biggest sense coupon, another asian company that listed in the u.s. this year. we are going to track it and they are opening the books today. it will be another weekend. shery: is the muted outlook more to do with the regulatory clouds or is it more just fundamentals in the market having become more cautious? crystal: we are going through the prospectus. we are not sure why the valuation has gone down from what people expected. it's private trading valuation was about -- usually means that it's a very

small float that trains at that valuation. when it comes to an ipo, they came up with a very narrow range of 13 to $14. it has the narrow range and they seem to be very confident to get the deal done. morgan stanley and -- i mean, there's no doubt. they are very confident that the deal will get done. they can always also just elevate the range and place and increase the stocks that they are selling so this may not be the done deal but it's lower than what people expected. haidi: our deals reporter in new york, didi -- crystal tse with the latest on didi.

it is the latest in a series of asset sales aimed at overhauling the e-commerce company. the business yields more than 1/10 of ebay's global revenue and is seen to reshape the online shopping arena. it commands a 12% market share. tesla supplier -- lithium says -- could push prices back towards a record high. the company is aiming to capitalize on a rebound from a more than two-year slump that ended in september. it says it will step up exploration of lithium resources as well as seeing demand for battery-powered vehicles and renewable energy storage grow. microsoft debuted windows 11, its biggest change to the operating system in a decade. it also bundled some of its own apps including teams directly onto the os, a move that may cause headaches for corporate

software rivals. it will focus on making windows 11 a more open platform. >> today marks a major milestone in the history of windows. it is the beginning of a new generation. i am excited by what we have shown you today and how we are reimagining everything, from the operating system, to the browser, to the store, to the feed. haidi: let's take a look at the markets. we are expecting to see the -- as well as the economic outlook really get extended into the asian session, looking set to rise in this part of the world after u.s. shares hit a record on both the stress tests being passed easily as well as the 570 $9 billion bipartisan infrastructure bill. that was reached. let's take a look at new zealand, upside .1%, and sydney futures looking like a little bit of a pop going into the open and optimism when it comes to the start of trading in seoul and tokyo as well.

we are also seeing upside in hong kong futures as the s&p 500 and nasdaq both push all-time peaks. lots more to come. this is bloomberg. ♪

haidi: hello. welcome to "daybreak asia." i'm haidi stride wants -- i am haidi in sydney. shery: good evening. our top stories this hour. u.s. stocks paid a record high as president biden's $.5 trillion infrastructure plan boosts sentiment. he says the deal will create millions of jobs. wall street banks