US Fox News interrupted President Joe Biden’s speech on his administration’s success in controlling inflation to present what he called a “hard and cold dose of reality” following news of a massive stock market crash.
It came as Biden was commenting at the White House on a new monthly Labor Department report that showed the CPI rose 0.1% last month after flat in July.
“Exactly four weeks ago I signed the Inflation Reduction Act. So today is our holiday,” Biden tweeted the same day, inviting the public to follow his long-awaited speech at the White House.
Fox News interrupts Biden’s speech to present a “hard, cold dose of reality” as stocks tumble amid worrisome inflation. pic.twitter.com/wsOSzkE1p3
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Biden said the new report “shows more progress in reducing global inflation in the US economy,” noting that “prices in our country have been largely stable over the past two months, which is good news for American families.”
But consumer price indices clashed with economists’ expectations of a marked decline, so stock markets witnessed “the worst day since June 2020” after a “higher-than-expected day” according to the Wall Street Journal. the inflation data shattered investors’ hopes that this would ease price pressures.” This will force the Federal Reserve to adjust its campaign to raise interest rates.”
The newspaper reported that due to falling markets, the Dow Jones Industrial Average fell 14% in 2022, while the Standard & Poor’s lost 17% and the Nasdaq Composite fell 26%, the largest drop of the three indexes in one day . from June 11, 2020.
But Biden later insisted in press statements that he was not worried about the sharp decline in financial markets following the release of the official inflation report, given that stocks do not reflect the overall health of the economy.
Source: American media