White House talks about Fed policy pivot and the market reacts

Chief Economist and Economic Policy Adviser to Vice President of United States Jared Bernstein just hit the wires with this line:

Biden has endorsed Fed's policy pivot.

It's vague and implies that the Fed and White House are working together. The dollar dropped on it but I think the nuance in the comment is lost and the market has snapped back quickly. I think he's just reflecting what the Fed is doing, not dictating or tipping anything. In fact, Bloomberg has now clarified he was saying the White House endorsed the Fed's hawkish pivot earlier this year.

Here's how the algos jumped on it on the one minute EUR/USD chart:

A separate comment suggests the White House is working on a Xi-Biden meeting (likely at the G20) but I don't think that's market-moving.

/EUR EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term