Hyperdrive
Biden's Climate Bill Is a Put Option on Automakers’ Big EV Bets
‘To really get all companies and consumers to move forward to EVs, this is very important,’ GM CEO Mary Barra says.
US President Joe Biden test driving a GMC Hummer EV in November 2021.
Photographer: Mandel Ngan/AFP via Getty Images
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Investors often use a term to describe the role the Federal Reserve plays as a backstop when markets crash: The “Fed put” refers to the central bank being willing to intervene and offer a form of insurance that downside risk is covered.