US President Biden: Economy is ‘so strong now’, I don’t expect a recession

"Economy is ‘so strong now’, I don’t expect a recession," says US President Joe Biden late on Tuesday, per Reuters.

The Democratic Leader also added that China has enormous problems.

On the same line, the Wall Street Journal (WSJ) said, “The Biden administration is considering new restrictions on exports of artificial intelligence chips to China, as concerns rise over the power of the technology in the hands of US rivals, according to people familiar with the situation.”

The policymaker’s comments seem to praise the latest US data at a private fundraiser in Chevy Chase, Maryland, and gain attention ahead of an economic policy speech in Chicago.

Earlier in the day, White House Economic Official Lael Brainard said, “It is important to see greater housing supply 'over a medium term'.”

Also read: Forex Today: Risk sentiment improves; focus turns to inflation data