“We focus on the trends in the economy, not any one day and any single indicator,” Ms Psaki said.
“Unlike his predecessor, the President does not look at the stock market as a means by which to judge the economy.”
However, Ms Psaki could not help noting the recovery of US stocks since Mr Biden came to power.
Inflation surge
“I would note that the market is up around 15 per cent compared to when President Biden took office,” she said, but added: “Our measure of success is really how real working families are doing,” she said.
But working families have been hit with a once in a generation jump in inflation – up 7 per cent in a year – that the Federal Reserve is now stamping out with a likely set of four 0.25 per cent interest rate increases this year – which is what triggered the latest bout of share selling.
Macro investment analyst Jim Bianco noted that big intraday drops and recoveries have often been followed by…
