Yeah the Biden administration has not exactly shown a clear focus on what to do about economic conditions, but here in the US the presidential administration (Executive Branch) can only nibble at the edges of the problem. It's the central bank, the Federal Reserve, that independently operates the big lever and today they announced an extra 25 basis points will be added to the next hike in interest rates, which still might not be enough. I saw that the Aussie Reserve Bank did something similar yesterday..
This was all caused by covid relief measures: shutdowns, money printing and lowering interest rates. The shutdowns saved lives, at least to some great extent, but the rest...I know those lifelines seemed like a good idea to a lot of folks at the time but by this point inflation has eaten up most, if not all, of that covid fiscal stimulus. The average American got something like $3500 in cash and tax breaks from the massive stimulus packages and in hindsight the wisdom of that "investment" can easily be questioned.
AVR Price at posting:
$21.54 Sentiment: Buy Disclosure: Held
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