President-elect Biden Adviser Deese: No time to lose in investing in our recovery

Brian Deese, who will head the National Economic Council of President-elect Joe Biden's administration, said on Wednesday that they need to move quickly on the rescue and recovery of the economy, as reported by Reuters.

Additional takeaways

"We need to provide significantly more direct assistance to families and business."

"We have not time to lose in starting the process to investing in our recovery."

"Biden will make case for immediate action on relief and signal plans for the longer-term rebuilding effort."

"We need to invest in making a nationwide vaccination effort work."

"Will make the case for moving immediately on issues in the rescue bucket."

"Risk of doing too little outweighs the risk of doing too much."

"Biden believes finishing the job on the $2,000 checks is appropriate."

"Working on a set of ideas that Democrats and Republicans can support."

"We do need to have a vision toward fiscal sustainability but need to reflect the current circumstances."

"We have seen a dramatic reduction in the cost of borrowing."

"Failure to make investments rapidly and aggressively in a crisis can lead to more scarring."

"That is why Biden is making the case we need to make these investments today."

Market reaction

These comments don't seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Index was up 0.3% on the day at 3,812.

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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

AUD/USD keeping its head above 21DMA at 0.7673 for now

AUD/USD saw downside during Monday’s Asia Pacific and early European session, dropping momentarily as low as 0.7660. The pair broke below an uptrend linking the 28 December 2020 high with the 4, 11 and 15 January lows.


EUR/USD:Falling wedge on 4H tests bearish impulse below 1.2100

EUR/USD portrays choppy trading moves between 1.2075 and 1.2080 during Tuesday’s Asian session. Bullish chart pattern, recovering MACD keep buyers hopeful. Early February lows, 61.8% Fibonacci retracement add to the downside filters.


XAU/USD fades recovery moves below $1,850, awaits fresh clues

Gold eases from the top of an immediate $10 trading range while declining to $1,837 at the start of Tuesday’s Asian session. The yellow metal took a U-turn from the lowest since December 01 the previous day as the US dollar stepped back after refreshing the one-month high.

Gold news

Stellar awaits a massive breakout but remains inside a no-trade zone

XLM has continued to trade sideways since we last reported about it. The digital asset remains locked inside a tightening range which will eventually burst. 

Read more

US Dollar Index: Immediately to the upside comes 91.00

DXY extends the march north and already trades at shouting distance from the 91.00 barrier, or new 2021 highs.

US Dollar Index News