US President Biden: It’s going to take time to get inflation back to normal, we may see setbacks along the way

“Americans have been through a tough few years, but I am optimistic about our country’s economic prospects,” US President Joe Biden reflects on the state of the economy in an op-ed for Yahoo News during early Friday morning in Asia, late Thursday elsewhere.

Key quotes

Americans’ resilience has helped us recover from the economic crisis created by the COVID-19 pandemic, families are finally getting more breathing room, and my economic plan is making the United States a powerhouse for innovation and manufacturing once again.

We entered this year with inflation still too high and families concerned about prices.

Tackling inflation and giving families more breathing room was and is my top economic priority.

We are making important progress transitioning from historic recovery to stable, steady growth.

For the last several months wages have been increasing faster than prices, gas prices are at their lowest levels since last summer, and year-over-year inflation has been slowing.

The Federal Reserve has a primary responsibility to control inflation, and I have appointed highly qualified people to lead that institution, given the critical importance of its dual mandate of maximum employment and stable prices. But Americans should have confidence that my plan is working.

We are seeing the results. The economy has created more than 10 million jobs since I took office, and the unemployment rate is near a 50-year low.

There’s no denying that it’s been a rough few years, with a global pandemic and global inflation that have lasted longer than almost anyone expected. But as we look back on 2022 — and look forward to what lies ahead — I have never been more confident about what the American people and the American economy can achieve.

EUR/USD licks its wounds

Following the comments from US President Biden, EUR/USD picks up bids to 1.0600, pausing the two-day downtrend.

Also read: EUR/USD struggles around 1.0600, US PCE Inflation, Durable Goods Orders eyed

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.