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The world’s largest economy is strongly combatting the coronavirus outbreak. The rapid distribution of coronavirus vaccines from multiple developers, the Fed’s continued support with easy monetary policies, fiscal stimulus support and reopening of non-essential business are strengthening hopes of rapid recovery from the coronavirus-led slump.

Going on, per the latest FOMC minutes, the central bank will wait patiently to attain the “substantial further progress” benchmark before tightening the policy, as stated in a CNBC article. Moreover, the summary from the meeting maintained the same stance on inflation as Federal Reserve chairman Jerome Powell had discussed.

According to a CNBC article, Powell has been bullish on the economic recovery achieved so far from the pandemic-led slump. He also maintained that high inflation levels were temporary and will return to 2% over the long term, per the same article.

Furthermore, the latest U.S. consumer confidence data looks impressive as the metric has surged to its highest level in about 16 months in June. The Conference Board's measure of consumer confidence index stands at 127.3, comparing favorably with an upwardly revised reading to 120.0 in May. Moreover, June’s reading surpassed the consensus estimate of 119.0, per a Reuters’ poll.

Also, per the Fed’s recently-released data, total industrial production rose 0.8% in May. Going on, there was a 0.9%, 1.2% and 0.2% rise, respectively, in manufacturing output, mining and utilities production. Total industrial production rose 16.3% year over year in May.

Wall Street also cheered President Joe Biden’s announcement of the White House striking an infrastructure deal with a bipartisan group of senators. According to the White House, the infrastructure deal will include $579 billion in new spending.

Strengthening optimism, coronavirus vaccines have also been found effective against the Delta variant. These include vaccines by Pfizer (PFE) /BioNTech and AstraZeneca (AZN). Two doses of their COVID-19 vaccine have been found to be about 88% effective against the Delta variant, per a CNN report. Moreover, Moderna’s (MRNA) COVID-19 vaccine has been successful in producing neutralizing titers against all variants tested, including the rapidly spreading delta variant (B.1.617.12).

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