Morning report: US stocks consolidate ahead of Biden unveiling spending plans

US sharemarkets eased overnight as investors anticipate the announcement of a big fiscal stimulus plan by President-elect Joe Biden, which is scheduled to be released later this morning local time. Elsewhere Investors were encouraged by comments from Fed Chair Powell, highlighting that any reduction in monetary policy accommodation was a long way away. Chair Powell said that a lesson from the Global Financial Crisis was that it was important to be careful not to exit too early.