U.S. President-elect Joe Biden has unveiled a massive new stimulus package worth $1.9 trillion dollars. The plan includes new relief cheques to some individuals, in addition to an earlier round of payments included in federal spending measures last month. Fed Chair Jerome Powell said the central bank will eventually raise interest rates and slow its bond-buying programme. But he added these moves will not happen in the near-term. U.S. weekly jobless claims rose to 965,000 last week, worse than forecast and hitting their highest point since August.

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