{"id":1238112,"date":"2022-01-25T08:08:40","date_gmt":"2022-01-25T13:08:40","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1238112"},"modified":"2022-01-25T08:08:45","modified_gmt":"2022-01-25T13:08:45","slug":"we-dont-focus-on-any-one-day-of-the-stock-market-white-house-official-dismisses-concerns-after-wild-day-of-trading","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/we-dont-focus-on-any-one-day-of-the-stock-market-white-house-official-dismisses-concerns-after-wild-day-of-trading\/","title":{"rendered":"We Don\u2019t Focus On \u2018Any One Day\u2019 Of The Stock Market: White House Official Dismisses Concerns After Wild Day Of Trading"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">42<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwe-dont-focus-on-any-one-day-of-the-stock-market-white-house-official-dismisses-concerns-after-wild-day-of-trading%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1238112&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>On Monday, stock markets witnessed an extraordinarily volatile session of trading \u2014 the Dow Jones <a href=\"https:\/\/www.cnbc.com\/2022\/01\/24\/stock-market-futures-open-to-close-news.html\">plummeted<\/a> by 1,100 points before finishing the day in the black. However, at least one White House official is dismissing the volatility, insisting that the Biden administration instead cares about long-term performance.<\/p>\n<p>\u201cWe always focus on the trends in the economy, not any one day and not any single indicator, and the President\u2019s economic team is actively monitoring developments,\u201d the unnamed official told <a href=\"https:\/\/www.cnn.com\/2022\/01\/24\/investing\/joe-biden-stock-market\/index.html\">CNN<\/a> on Monday. \u201cAnd unlike his predecessor, President Biden does not look at the stock market as a means by which to judge the economy.\u201d<\/p>\n<p>The official added that President Biden has \u201cmade real progress\u201d on producing \u201chistorically strong jobs and economic growth.\u201d<\/p>\n<p>\u201cThe strength of that recovery, coupled with the tools we have to battle the pandemic, mean we are in an entirely different position than a year ago,\u201d the official said, noting that the unemployment rate has dropped considerably since Biden assumed office.<\/p>\n<p>Despite a nominal recovery in wages and employment \u2014 <a href=\"https:\/\/www.dailywire.com\/news\/surprise-enhanced-unemployment-benefits-significantly-increased-unemployment-study\">slowed<\/a> by the presence of enhanced federal unemployment aid from President Biden \u2014 Americans are losing purchasing power. Consumer inflation <a href=\"https:\/\/www.dailywire.com\/news\/in-2021-inflation-gave-the-typical-american-a-2-4-pay-cut\">accelerated<\/a> to 7% last month, outpacing the rate at which wages are rising. Data from the Bureau of Labor Statistics confirmed that \u201creal average hourly earnings\u201d \u2014 which consider the effect of inflation \u2014 decreased by 2.4% from December 2020 to December 2021.<\/p>\n<p>President Joe Biden, however, sought to brush off the concerning phenomenon. \u201cToday\u2019s inflation numbers show a meaningful reduction in headline inflation over last month,\u201d he <a href=\"https:\/\/twitter.com\/POTUS\/status\/1481297907034857474\">said<\/a> after the most recent inflation report. \u201cWe are making progress in slowing the rate of price increases. But there is still more work to do \u2014 I remain focused on lowering costs for families and maintaining strong economic growth.\u201d<\/p>\n<p>Economists are warning that inflation is here to stay. Larry Lindsey \u2014 a director of the National Economic Council under President George W. Bush \u2014 is even <a href=\"https:\/\/www.dailywire.com\/news\/inflation-in-2022-may-be-above-what-it-was-last-year-warns-leading-economist\">cautioning<\/a> that inflation could be \u201cabove\u201d 2021 levels in 2022.<\/p>\n<p>\u201cThere is never an example of getting inflation to this level, embedded in the labor market and it ending without recession\u2026 I don\u2019t think we\u2019re going to have a recession this year,\u201d he told Fox Business anchor Maria Bartiromo. \u201cSlower growth, maybe. So I don\u2019t think there\u2019s any chance at all decelerating inflation.\u201d<\/p>\n<p>\u201cSo until you get the overnight interest rate up somewhere close to at least the prevailing inflation rate, you\u2019re really not going to make a dent in inflation,\u201d he continued, referring to the Federal Reserve\u2019s upcoming interest rate hikes, which place downward pressure on prices. \u201cWe\u2019re going to continue to have inflation this year, probably at or maybe even a little above what last year\u2019s pace was.\u201d<\/p>\n<p>Lindsey\u2019s remarks were similar to those <a href=\"https:\/\/www.dailywire.com\/news\/well-still-have-inflation-for-the-next-two-years-harvard-economist-warns\">issued<\/a> by Harvard University economist Kenneth Rogoff, who said that \u201cit\u2019s not so easy to raise interest rates to fight inflation when public and private data is high, when the stock market is high, when housing prices are high, when the economy is still weak.\u201d Central bankers willing to do so would have \u201ca lot of stomach.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Monday, stock markets witnessed an extraordinarily volatile session of trading \u2014 the Dow Jones plummeted by 1,100 points before finishing the day in the black. However, at least one White House official is dismissing the volatility, insisting that the Biden administration instead cares about long-term performance. \u201cWe always focus on the trends in the &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1238112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1238112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1238112"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1238112\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1238112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1238112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1238112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}