When the news in the pipeline looks bad, smart politicians know to get out in front of it. Obama is doing just that, saying unemployment will keep rising in coming months.
He says he’s glad to see Chrysler and GM emerge from bankruptcy and says he sees stabilization in financial markets.Banks are lending again, he says.
Sounds a lot like the conventional wisdom that the worst is over for the economy but that the recovery will be very, very sluggish. EUR/USD sits at session lows in the mid 1.3940s.