Biden's $6 Trillion Budget Is Here. What It Means For Markets.

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The market appears to be taking a wait-and-see approach to President Joe Biden's first budget.

Chris Kleponis/CNP/Bloomberg

President Joe Biden unveiled his first budget to Congress on Friday, asking for $6 trillion in spending for 2022, escalating to $8.2 trillion in 2031. It’s an ambitious 10-year plan to increase government spending by trillions of dollars, while raising a host of new taxes, in a bid to remake the U.S. economy.

Yet the market’s reaction has been to shrug it off. Stocks continued to rally on Friday after the budget came out with the S&P 500 gaining 0.3%. Bond yields even fell a bit with the 10-year Treasury note at 1.58%.