US President Joe Biden is delivering his first State of the Union address before a joint session of the 117th Congress in the chamber of the House of Representatives at the Capitol on Wednesday, now touching upon the topic of inflation.
- US President Biden’s State of the Union speech – Live stream
Key takeaways
Instead of relying on foreign supply chains, let’s make it in America.
"Plan” to cut costs of prescription drugs, energy, child care, housing — paid for by raising taxes on wealthy, all without explicitly calling it the “Build Back Better Act."
Tonight, I’m announcing a crackdown on these companies overcharging American businesses and consumers.
To raise minimum wage to $15/hr, extend child tax credit also.
Announce "test to treat" program so if people test positive for covid at a pharmacy, they can get free antiviral pills on the spot.
Meanwhile, US Treasury Secretary Janet Yellen tweeted out: “I am optimistic about the U.S. economic recovery. President Biden’s policies will increase the productive capacity of our economy to boost long-term growth, protect the environment, and promote equity.”
Market reaction
President Biden’s comments failed to have any notable market reaction, with the US dollar index holding steady below 97.50 while the S&P 500 futures add 0.12% on the day.