Remarks by Vice President Harris in a Virtual Meeting with Caribbean Leaders

THE VICE PRESIDENT:  Good afternoon, everyone.  Good afternoon.  Thank you all for joining us today for this very important meeting.  I am Kamala Harris, and I’m pleased to welcome you all to this conversation and this convening.

As a neighbor in the Western Hemisphere, the United States shares a common bond with the nations of the Caribbean.  As neighbors, we know our partnership is key to our shared prosperity and security. 

We also know that we have common challenges.  And that is why I’ve convened this meeting: to strengthen our partnership and chart a path forward together.

As we all know, our nations have extensive people-to-people ties.  Millions of Americans have Caribbean heritage.  Millions of Americans travel to the Caribbean each year for vacation, to visit friends and family, and to engage with the richness of that history.

From South Florida to New York and beyond, Caribbean culture has become a meaningful part of American culture.  And we are all grateful for that. 

At the same time, we recognize that we find ourselves collectively in a challenging time.  The pandemic has upended so many aspects of our lives and the lives of our people.  And economic recovery has been difficult and uneven for so many in this region. 

There is also an existential threat we collectively face in the climate crisis, and we are acutely aware that the world’s emissions have an outsize impact on the Caribbean.

In light of this, I want to be clear: The United States is committed to you, our neighbors, and we will take on these challenges together. Convenings like this haven’t happened very often.  So, today, as a demonstration of our administration’s commitment, I propose this be an annual meeting.

We have, of course, today, a lot to discuss.  And there are three areas in particular that I will ask us to focus on — areas that I know are a priority for many of you: economic recovery, security, and climate and energy.

On the issue of economic recovery, the United States is the Caribbean’s biggest economic partner.  This partnership benefits the economy of the United States just as it benefits your economies.  So we will explore today how we can strengthen that economic partnership.

On the issue of security, I know for many of you that you are particularly concerned about the trafficking of drugs and guns, and the associated violence.  That is why today’s agenda includes a discussion of additional funding and other support the United States can offer to reduce violence in the region.

And third, we will discuss the urgent issue for our entire planet: the issue of the climate crisis.  In particular, we will discuss ways to strengthen your climate resilience and to accelerate the transition to a clean energy economy. 

Your input will help guide the United States’ effort in the days and months ahead.

To each of you: I thank you for being here, and I thank you for the work we have done and will continue to do together.  I look forward to our discussion today and to our gathering in Los Angeles at the Summit of the Americas in June. 

Thank you to the members of the press who are watching these opening remarks.  We will now proceed with the rest of our meeting.  Thank you.

                             END                4:41 P.M. EDT

Source: The White House

Interbank Market News Scan: Waiting for Jackson Hole while Kamala Harris attempts to keep the US out of a global trading hole.

24 August 2021

The Jackson Hole Economic Policy Symposium, hosted by the Federal Reserve Bank of Kansas City, is set to begin on 26 August 2021 with oral and written presentations focused on macroeconomic policy in an uneven economy.  Federal Reserve Board chairman Jerome Powell will make a presentation on 27 August.

Since the Federal Reserve released its minutes of the 27-28 July Federal Open Market Committee meeting, the biggest buzz has been speculation s to when the Federal Reserve would begin easing back on its $120 billion per month purchases of agency mortgage-backed securities and U.S. Treasury securities.  These purchases have been instrumental in keeping interest rates low during the Covid-19 pandemic with the intent of spurring business spending and investment, sustaining consumer demand, and maintaining certainty in the financial markets.

The minutes from the FOMC meeting has hinted at a possibility of Fed asset purchases tapering off as early as the end of this year and upward pressure on interest rates, especially in the longer-term range, is expected.

Meanwhile, U.S. Vice-President Kamala Harris today heads to Vietnam as part of the second leg of a four-day tour of Asia.  Ms Harris’ primary mission appears to include not only the building of relationships with certain Asian countries, but to let Asian countries know that they have an economic partner alternative to China.

China’s Belt and Road Initiative throughout Asia as well as its claims on the South China Sea through which trillions in dollars of commercial trade passes through poses an economic threat to the United States.  Unless the US can pose itself as a reliable economic trading partner to Malaysia, Vietnam, Singapore, and Taiwan, amongst other nations, then the United States may be locked out of the Asian markets or forced to buy and sell goods and services in the region on onerous terms.

Ms Harris has been making the argument that China’s efforts in the South China Sea are illegal under international law.

For a consultation on any regulatory or legislative discussions or announcements, please reach out to us at altondrew@altondrew.com for information on consultation rates and to reserve an appointment.

Foreign exchange rates of interest as of 9:00 am EST

Currency PairFederal ReserveReutersOANDA
AUS/USD0.71330.72430.7184
USD/BRL5.39905.37895.3793
USD/CAD1.28531.26181.2718
USD/CNY6.50126.47726.4833
USD/DKK6.36126.33596.3399
EUR/USD1.16901.17351.1728
USD/HKD7.78977.78787.7912
USD/INR74.190074.194074.0634
USD/JPY109.7700109.6700109.8400
NZD/USD0.68300.69490.6867
USD/MYR4.23854.21704.2265
Source: Federal Reserve, Reuters, OANDA

A quick thought: Quieted by a 50-50 Senate split …

“A 50-50 split in the Senate with a reduced Democratic majority in the House not only puts the GOP back into their familiar position as “obstructionist”, but gives Biden-Harris some cover to not present as progressive an agenda as the Far Left would like to see. Centrist and center-right senators like Angus King, Susan Collins, Rand Paul, and Joe Manchin will take more of the spotlight.

Mitch McConnell will still play the “parliamentarian” role, using Senate rules to delay floor debates, filibuster, or, if he is lucky, table certain items.

The last thing Kamala Harris will want, as president of the Senate, is the optics of having to do a yay or nay on any progressive legislation. She’d rather Collins, Paul, and Company head off any controversial bills before they hit the floor for a vote. She can’t afford to enter the 2024 presidential race inaccurately labeled a progressive.

Commodity, currency, and energy traders may get over their initial nervousness about the volatility a liberal Congress may introduce when they realize that the “adults” are finally in charge …