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Biden sees 'no surprise' in slowdown, says U.S. economy on 'right path'

Friday, July 29, 2022
Biden sees 'no surprise' in slowdown, says U.S. economy on 'right path' © Reuters. U.S. President Joe Biden delivers remarks to staff in the Rose Garden as he returns from COVID-19 isolation to work in the Oval Office at the White House in Washington, U.S. July 27, 2022. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) -President Joe Biden worked on Thursday to soothe voters' angst about the state of the economy, saying it was no shock to see a slowdown after data showed the economy contracted again in the second quarter.

"It's no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation," he said in a statement. "We are on the right path and we will come through this transition stronger and more secure."

Concerns about the economy have become Biden's top political focus headed into Nov. 8 midterm elections where his Democratic Party's control of Congress is on the line.

The president's approval rating has fallen to a record low of 36%, according to Reuters/Ipsos polling, with the economy listed at the top of voters' concerns as higher grocery, gas and housing bills mount.

While the second straight quarterly decline in GDP meets a standard definition of a recession, the White House says that broader conditions of a recession are nowhere close to being met, given strong consumer spending and job markets.

Biden remained upbeat on the outlook for the economy even as fears of a slowdown have joined concerns about inflation reaching 40 year highs. In his statement, he noted the job market was historically strong and consumer spending continued to grow.

New Commerce Department data estimated that gross domestic product fell at a 0.9% annualized rate last quarter, after economists saw the figure ticking up by 0.5%.

White House officials believe the GDP weakness is due to one-off factors, including a decline in companies restocking inventories, that may not reflect broader trends.

They also worry that talking about recession can become a self-fulfilling prophecy as businesses and consumers, concerned that tougher times are ahead, cut back on spending and investment plans.

Biden is set to host the chief executives of Marriott International (NASDAQ:MAR) Inc, Bank of America (NYSE:BAC), and Deloitte along with several top administration advisers at a White House meeting on the economy on Thursday.

The Republican Party has used high inflation and economic weaknesses to attack Biden's economic and spending priorities. The party has been scathing in its criticism of White House attempts to push back on recession talk.

The Fed on Wednesday raised its policy rate by another three-quarters of a percentage point, bringing the total interest rate hikes since March to 225 basis points. Fed Chair Jerome Powell acknowledged the softening economic activity as a result of tighter monetary policy.

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19-08-2022 14:06:35 (UTC+7)

EUR/USD

1.0082

-0.0006 (-0.06%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

EUR/USD

1.0082

-0.0006 (-0.06%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

GBP/USD

1.1918

-0.0013 (-0.10%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (3)

USD/JPY

136.46

+0.57 (+0.42%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (1)

AUD/USD

0.6912

-0.0006 (-0.09%)

Summary

Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (5)

USD/CAD

1.2969

+0.0022 (+0.17%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

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EUR/JPY

137.57

+0.49 (+0.36%)

Summary

↑ Buy

Moving Avg:

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Sell (4)

Indicators:

Buy (7)

Sell (1)

EUR/CHF

0.9663

+0.0010 (+0.11%)

Summary

Sell

Moving Avg:

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Indicators:

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Sell (3)

Gold Futures

1,768.60

-2.60 (-0.15%)

Summary

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Moving Avg:

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Indicators:

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Sell (9)

Silver Futures

19.238

-0.226 (-1.16%)

Summary

↑ Sell

Moving Avg:

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Sell (11)

Indicators:

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Sell (10)

Copper Futures

3.6208

-0.0264 (-0.72%)

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↑ Buy

Moving Avg:

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Sell (4)

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Crude Oil WTI Futures

89.83

-0.67 (-0.74%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

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Brent Oil Futures

95.94

-0.65 (-0.67%)

Summary

Neutral

Moving Avg:

Buy (6)

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Natural Gas Futures

9.085

-0.096 (-1.05%)

Summary

Neutral

Moving Avg:

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Indicators:

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US Coffee C Futures

214.80

-2.65 (-1.22%)

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Sell (12)

Indicators:

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Euro Stoxx 50

3,756.25

-21.13 (-0.56%)

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↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (11)

S&P 500

4,283.74

+9.70 (+0.23%)

Summary

Sell

Moving Avg:

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DAX

13,609.32

-88.09 (-0.64%)

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Sell (6)

FTSE 100

7,523.60

-18.25 (-0.24%)

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Sell (10)

Hang Seng

19,736.00

-27.91 (-0.14%)

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Buy

Moving Avg:

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Indicators:

Buy (6)

Sell (1)

US Small Cap 2000

2,000.73

+13.41 (+0.68%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

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IBEX 35

8,395.27

-35.03 (-0.42%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

BASF SE NA O.N.

42.880

-0.560 (-1.29%)

Summary

Neutral

Moving Avg:

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Sell (7)

Indicators:

Buy (4)

Sell (2)

Bayer AG NA

53.84

-0.22 (-0.41%)

Summary

↑ Buy

Moving Avg:

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Allianz SE VNA O.N.

176.76

-1.76 (-0.99%)

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↑ Buy

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Adidas AG

165.90

-1.62 (-0.97%)

Summary

Neutral

Moving Avg:

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Deutsche Lufthansa AG

6.440

-0.126 (-1.92%)

Summary

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Moving Avg:

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Siemens AG Class N

109.62

-0.64 (-0.58%)

Summary

↑ Buy

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Deutsche Bank AG

8.694

-0.174 (-1.96%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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 EUR/USD1.0082↑ Sell
 GBP/USD1.1918Neutral
 USD/JPY136.46↑ Buy
 AUD/USD0.6912Buy
 USD/CAD1.2969↑ Buy
 EUR/JPY137.57↑ Buy
 EUR/CHF0.9663Sell
 Gold1,768.60↑ Sell
 Silver19.238↑ Sell
 Copper3.6208↑ Buy
 Crude Oil WTI89.83↑ Buy
 Brent Oil95.94Neutral
 Natural Gas9.085Neutral
 US Coffee C214.80↑ Sell
 Euro Stoxx 503,756.25↑ Sell
 S&P 5004,283.74Sell
 DAX13,609.32↑ Sell
 FTSE 1007,523.60↑ Sell
 Hang Seng19,736.00Buy
 Small Cap 20002,000.73↑ Buy
 IBEX 358,395.27↑ Sell
 BASF42.880Neutral
 Bayer53.84↑ Buy
 Allianz176.76↑ Buy
 Adidas165.90Neutral
 Lufthansa6.440↑ Buy
 Siemens AG109.62↑ Buy
 Deutsche Bank AG8.694↑ Buy
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SJC Eximbank6,590/ 6,690
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Cập nhật 19-08-2022 14:06:38
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ↀ Giá vàng thế giới
$1,754.81-3.76-0.21%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$89.35+0.91.00%
Brent$95.25+0.610.63%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR22.981,7524.268,73
GBP27.175,3928.334,31
JPY167,13176,93
KRW15,2618,59
Cập nhật lúc 14:02:07 19/08/2022
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