White House says Biden team is watching markets amid volatility

White House says Biden team is watching markets amid volatility

(Bloomberg) — The White House continues to monitor global financial markets after Friday’s meeting between President Joe Biden and his top economic advisers amid a drop in the British pound, and the administration will continue to monitor financial markets, according to White. a house.

“We will continue to monitor global markets,” White House Press Secretary Karen-Jean-Pierre said at a briefing on Monday. “As for your question on the pound, on Friday the president and vice president, as you all know, met with senior members of the economic team and got an update on global economic developments as they do regularly.”

The British currency fell to its weakest level since 1985 as investors reacted with apprehension to Prime Minister Liz Truss’ newly inaugurated economic program for the largest round of tax cuts since the 1970s. The pound also fell against the dollar on Monday, hitting a record low.

Regarding the Biden administration’s vision for the UK’s New Economic Program, Jean-Pierre noted that “the UK is one of our closest allies” and “we will leave their political decisions to themselves”.

Besides the pound’s drop, financial markets have been turbulent with the dollar’s rally against all of its major peers, buoyed by the most aggressive Fed rate-raising cycle since the 1980s. It has fallen more than 10% over the past two weeks and Treasury yields have soared.

well topic

Jean-Pierre said Biden aides delivered a message on Friday to the president that the United States is well positioned to meet global economic challenges.

“What we can talk about is what we’re doing here in the United States,” she said. “Our economic strategy in the United States focuses on long-term growth,” she said, with the goal of boosting investment and manufacturing while pursuing fiscal discipline. This has put our country in a position to navigate difficult global times from the strongest possible position. Once again, we will continue to monitor all indicators, and we will monitor global markets as well.”

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