Today Chairman of the Federal Reserve, Jerome Powell will testify before the House Committee on Financial Services, tomorrow he will deliver the same remarks before the Senate Committee on Banking, Housing, and Urban Affairs.

The testimony is on the occasion of the one-year anniversary of the signing of the CARES Act. Which then President Trump signed into law on March 27 of 2020.

The along came February/March of 2020, and all our lives changed dramatically. The Covid Pandemic struck. Closed shops, social distancing, self-quarantine became a way of life.

But so to did an incredible transformation in Government Spending.

Last week Chairman of the Federal Reserve, Jerome Powell, held his periodic News Conference following the latest meeting of the Federal Reserve's Open Market Committee. The FOMC is the working body of the Fed that set's short-term interest rates and establishes the overall monetary position of the Fed.

And once again, Chairman Powell made abundantly clear that the Fed would leave the monetary spigots wide open. That this Fed would support the continued expansion of liquidity in the financial system. And that they'd do it through continued direct purchase of financial assets, Quantitative Easing, and through continued historic low-interest rates.

Tomorrow is the Vernal Equinox. Here in the Northern Hemisphere, the beginning of Spring. A time when everything is in balance: the sun crosses the horizon, nighttime and daytime are equal.

A time to celebrate the coming of warmer weather and spring flowers.

But not on Wall Street.

Each Thursday morning, promptly at 8:30 am eastern time, the US Department of Labor dutifully reports the latest numbers on initial and continuing claims for unemployment. This is an eagerly anticipated report coming out of Washington. As it is the best measure of the direction of the labor markets, a key component of the economy.

Labor has also been a critical focus of the real hardship imposed by the Covid Pandemic. What we are experiencing now, is no less than the greatest crisis for labor since the Great Depression of nearly a century ago.

At 2:30 pm this afternoon, Jerome Powell will hold a press conference. It's all part of the regular meeting of the Federal Open Market Committee.

The FOMC meets 8 times a year, and this along with Powell's twin testimonies before Congress, are the Fed Chairman's principal way's to address the American people.

So, why, I wonder, did the Biden Administration choose this week, of all weeks, to roll out their proposed new tax hike?

I have a mantra for you today. Just repeat this over and over, as we go through this discussion. “Today is history, tomorrow is now.”

This week the curtain will ring up on the latest drama, in the long history of Wall Street. This week we will see the Bond Market and The Federal Reserve, as the Fed's Open Market committee Meets to ostensibly set short-term interest rates.

Yesterday President Joe Biden signed into law the new Economic Stimulus Plan. This is the third Economic Impact Package aimed at providing relief to all sectors of the economy, in an effort to mitigate the devastation brought on by the Covid Pandemic.

This is the third such plan provided by the Federal Government in the form of direct payments, grants, and forgivable loans to individuals, businesses, and state and local governments.

I know, it seems much longer than 12 months.

But it was on this date, March 11th, just a year ago that the World Health Organization declared that we were in a Pandemic.

And like the bombing of Pearl Harbor, or 9/11, I think that this too is an anniversary to be remembered.