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US President Biden: Inflation is slowing in 'good news for the holiday season'
US President Joe Biden crossed wires late Tuesday while speaking at SKI Siltron CSS's semiconductor facility in Bay City, Michigan. The US leader cheered the easing prices for gasoline, clothes and appliances as "good news for the holiday season," while also stating that it would take time for inflation to return to normal levels.
Key quotes
Inflation at the grocery stores, thank God, is beginning to slow. Prices for things like clothes, televisions and appliances are going down. That's good news for the holiday season.
While gasoline prices had returned to their pre-war levels, having dropped $1.50 per gallon from their peak this summer and continuing to fall.
While these prices are lower, they're not low enough.
It's going to take time to get inflation back to normal levels, We're laser-focused on this.
Prices could spike again if unions reject a potential contract deal with U.S. railways, the White House has warned, but Biden did not raise the issue during his remarks.
Market implications
The news failed to gain any major reaction amid the late hours of the day, as well as anxiety ahead of the key data/events scheduled for publishing on Wednesday.
Also read: Forex Today: All eyes on Federal Reserve's Powell, Aussie CPI and China PMIs
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