Technical Analysis

White House talks about Fed policy pivot and the market reacts

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:

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