Biden’s move to lower oil prices

The White House announced a “historic release” of about 180mn barrels of oil from the US emergency stockpile in an attempt to cool oil prices, and the two-year Treasury yield this week rose above the 10-year Treasuries for the first time since 2019. FT markets editor, Katie Martin, explains what this signals for the US economy.

Mentioned in this podcast:

US orders biggest ever release from Strategic Petroleum Reserve

US yield curve inverts in possible recession signal

US bonds: don’t fret about inversion yet

Limited offer: 50 per cent off a digital subscription to FT.com

The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.

Read a transcript of this episode on FT.com

See acast.com/privacy for privacy and opt-out information.