Chief Economist and Economic Policy Adviser to Vice President of United States Jared Bernstein just hit the wires with this line:
Biden has endorsed Fed’s policy pivot.
It’s vague and implies that the Fed and White House are working together. The dollar dropped on it but I think the nuance in the comment is lost and the market has snapped back quickly. I think he’s just reflecting what the Fed is doing, not dictating or tipping anything.
Here’s how the algos jumped on it on the one minute EUR/USD chart:
