US President Biden to say his plan to fight inflation will lower costs, deficit – Reuters

Anil Panchal FXStreet

As per the prepared remarks for the US President Joe Biden’s State of the Union (SOTU) speech, the US leader will say on Tuesday that the West was ready for Russian President Vladimir Putin's invasion of Ukraine and his administration is prepared with a plan to fight inflation.

Additional statements

Putin’s war was premeditated and unprovoked. He rejected efforts at diplomacy. He thought the West and NATO wouldn’t respond. And, he thought he could divide us here at home.

Putin was wrong. We were ready.

Throughout our history we’ve learned this lesson – when dictators do not pay a price for their aggression, they cause more chaos. They keep moving. And, the costs and threats to America and the world keep rising.

Instead of relying on foreign supply chains, let’s make it in America.

Market implications

The news adds to the present risk-off sentiment, which in turn weighs on the equities and Antipodeans.

Read: Forex Today: Unstoppable chaos fuels safe-haven assets, commodities

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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