US President Biden Stated About Inflation: Here are the details

President of the United States Joe Biden, announced today in the country Non-Farm Employment made a statement minutes ago after the data.

During his speech at the White House, President Biden said the following about the employment data that came above expectations:

“February employment data show that the economy is on the right track. There is still more that needs to be done to reduce inflation.”

Market participants predicted that the monthly increase in Non-Farm Employment would be limited to 225,000. However, according to official data, the increase in employment was 311,000 people. The unemployment rate in the country exceeded the expectation of 3.4%. The US unemployment rate in February was recorded as 3.6%.

Markets Confused!

Mixed data from the USA and the negative developments about Sillicon Valley Bank operating in the country confused the markets.

stock and cryptocurrency The market is dominated by selling pressure at noon, while Biden’s announcement will be made next week. CPI Although the positive expectation about the data of the Nasdaq, S&P 500 and Dow Jones indexes caused some recovery, the upward movements were not very permanent.

Biden’s statement was as follows:

“I am optimistic that the CPI will do well next week.”

On the other hand, the trend with sellers continues in cryptocurrencies. bitcoin And Ethereum depreciated by 7% and 7.45%, respectively, in the last 24 hours.

Joe Biden: February employment data shows the economy is on the right track. Much remains to be done to reduce inflation.

— Bitcoin System (@bitcoinsystem) March 10, 2023

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