Early Thursday morning in Asia, the White House crossed wires, via Reuters, to convey the US supply chain position.
Key quotes
Ocean carrier alliances immune from antitrust laws, but FMC can challenge such pacts if they result in unreasonable costs or lessen competition.
Federal Maritime Commission (FMC) should use all tools at its disposal to ensure free and fair competition in shipping sector.
US Justice Department ready to aid FMC in promoting competition in maritime sector.
Congress should take action to improve transparency in shipping, boost protections for exporters, importers and consumers.
October data shows US goods supply chain working better, velocity of goods leaving L.A. Long beach ports increasing.
White House official sees need to look at holding carriers accountable to retailers, ensuring retailers can get goods on ships at fair prices.
Fx implications
Although the comments could be considered encouraging as supply chain issues are the key to the latest inflation woes, the market reaction was muted on the release. The reason could be linked to the early Asian session and a light calendar.
Read: Gold Price Forecast: XAU/USD grinds higher towards $1,900 on softer yields
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