1) For many years, there has been one report after another about the critical need to repair, replace and expand our infrastructure of roads, waterways, air travel systems, highways, dams, bridges, electric power and many other necessary parts of a modern society. The U.S. is facing a $2.59 trillion dollar shortfall in meeting its infrastructure needs. The American Society of Civil Engineers released its latest report card on U.S. infrastructure giving an overall grade of C-. That’s an upgrade from the D+ of the last report from four years ago, but leaves lots of room for improvement. America is spending about half what our infrastructure bill is, the total investment gap has gone from $2.1 trillion to nearly $2.59 trillion in over 10 years.
2) The General Motors auto company is extending its production cuts amidst the chip crisis shortage at three North American plants and added a fourth to the list of factories hit by the global semiconductor chip crisis. However, the cut did not change GM’s February forecast of a $2 billion loss in 2021. The automaker expects chip supplies to normalize by the second half of the year with no incremental losses. GM did not disclose the impact on volumes or parts affected by the chip shortage but said it intends to recover much of the lost output. Power outage in Texas further hit chip production. President Joe Biden has also pushed for $37 billion in Congressional funding to tackle the chip crisis.
3) Banning natural gas would cut carbon emissions. Cities across the country are pushing for electric only buildings, some by banning natural gas, as part of an ongoing effort to curb emissions and stall climate change. But another national push is underway in state legislatures to prevent this banning from happening elsewhere. HB 1191 is written in a way that says cities can’t put in place policies or requirements that would prioritize one fuel over another for heat and appliances in buildings. The bill is effectively a ban on banning natural gas. Advocates say it’s a necessary effort to protect consumer choice and keep energy costs low, but others are saying the gas industry is trying to protect itself by taking away local control and stifling cities’ sustainability goals. Critics question whether protecting consumers is the true aim.
4) Stock market closings for – 4 MAR 21:
Dow 30,924.14 down by 345.95
Nasdaq 12,723.47 down by 274.28
S&P 500 3,768.47 down by 51.25
10 Year Yield: up at 1.55%
Oil: up at $64.31