U.S. President Joe Biden delivered his State of the Union (SOTU) address last night, vowing to respond to Russia’s invasion of Ukraine, tackle soaring prices, & deal with COVID.
The State of the Union address is an annual speech given by the U.S. President to congress on the current condition of the nation, & its legislation plans.
“My top priority” – President Biden on taming soaring inflation.
The President plans on decreasing costs across the country by increasing competition between companies & making sure “corporations & the wealthiest Americans start paying their fair share.”
The Fed is set to meet in a couple of weeks, & is expected to raise interest rates by 0.25% at least & 0.50% at most in its efforts to tackle inflation.
“Inflict pain” – President Biden’s promise to Russia.
In his speech, the U.S. President vowed to further isolate Russia & put more pressure on their economy.
He added that American airspace will be closed for Russian flights.
From sanctions to Western companies cracking down on Russia, Russia’s economy has already been strongly hit.
The Ruble lost more than 30% of its value, the Russian Central Bank more than doubled interest rates, & the stock market lost more than 40% of its value so far.