US Presi. Biden: Will not be telling the Federal Reserve what to do

Dhwani Mehta FXStreet

US President Joe Biden tweeted out late Tuesday that he has not spoken with Federal Reserve (Fed) Chair Powell, adding that he would not be telling Fed what to do.

Key quotes

"I'm not going to do the kinds of things that have been done in the last administration, either talking to AG...or the Fed telling them what they should and shouldn't do"

"The Federal Reserve is an independent operation."

“New variants of virus are spreading and moving quickly, and cases are going up.”

“By April 19, every adult will be eligible to be vaccinated.”

“Good news is that vaccinations are progressing quickly.”

“Making incredible progress.”

“More than 75% of over 65s have had a shot.”

“More than 80% of teachers, school staff and child care workers received at least one covid-19 shot by the end of March.”

“US is on track to hit 200m goal in his first 100 days in office.”

Earlier on, Treasury Secretary Janet Yellen said that “stronger growth in the US will spill over positively for the entire global outlook."

FX implications

The above comments have little to no impact on the fx markets, with the US dollar licking its wounds after it resumed its fall, as the Treasury yields tumbled for the third straight day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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