US President Biden: Inflation has everything to do with supply chain

US President Joe Biden crossed wires, via Reuters, during a press conference on Wednesday night while speaking on various matters starting from Russia-Ukraine to China, oil and then to inflation.

The US leader initially warned Russia not to invade Ukraine and if they do, “Russia's banks won't be able to deal in dollars,” said US President Biden.

Additional comments

We're not returning to lockdowns. We are moving towards time when covid won't disrupt daily life.

It is appropriate for fed to recalibrate support for the economy now that it's necessary.

The best thing to tackle high prices is a more productive economy. We must fix the supply chain.

Wherever possible, we will continue to enforce competition laws.

Inflation must be brought under control.

We are confident that we will be able to get parts of the build back better bill signed into law.

Putin has never seen sanctions like the ones I'm promising.

Russia will be held accountable if it invades, it will be disaster for Russia if they further invade Ukraine.

Costs to Russia will be heavy and consequential.

The situation on Russia energy supply not a one-way street.

I don't think Putin wants any full-blown war.

Ukraine joining NATO in the new term is unlikely.

The US and Ukraine might work out a deal on whether the west should place strategic weapons in Ukraine.

It's clear we will probably have to break up the build-back better bill into individual portions.

I believe Russia will move in on Ukraine.

We have made progress on speeding up access to materials.

Passing USICA chips bill will ease long-term inflation.

We will continue to work on trying to increase oil supplies.

My trade representatives working on China tariffs, uncertain whether its time to lift tariffs on Chinese imports.

We are not yet in a position to lift some of china's tariffs.

China is not meeting its purchase commitments and be able to lift some tariffs, but we're not there yet.

Russia sanctions will also affect US and Europe economies.

It is not time to give up on Iran talks. Some progress being made on Iran nuclear talks.

I am pleased with how this government has handled COVID-19.

Given the strength of our economy and pace of recent price increases, it’s appropriate — as Fed Chairman Powell has indicated — to recalibrate the support that is now necessary.

FX implications

Market sentiment turned sour and the Antipodeans adhered to the consolidation of recent gains as US President Joe Biden signals Fed rate hike, Sino-American tussles and geopolitical hardships.

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