among them, an outperforming tech sector and a resilient labour market. the federal reserve has a role too. so far it s been able to cool inflation without tipping the economy into a recession. that s called a soft landing and it s buoying wall street. stocks are rallying in anticipation of interest rate cuts that the fed has signalled this year, which would let interest rates fall from a 22 year high. when interest rates go down, it makes it cheaper for businesses and individuals to borrow money. so spending increases and usually that makes stock prices go up. meanwhile, it s a different story for the chinese stock markets, which have been struggling in the new year. chinese premier li qiang pledged to take forceful and effective action to support market confidence. shares in mainland china and in hong kong have been hovering at their lowest points in as many years. this comes despite somewhat upbeat signals at the end of last year. for more on what we can expect from china,
up first, though, the largest economies, china and the u.s. meeting face to face for the first time in a year. fierce rivals who find the relationship between the two countries at the lowest in decades. president xi saying, quote, turning our backs on each other is not an option. president biden in a strong position, thanks in part to a healthy u.s. economy. in stark contrast to china s sluggish post pandemic recovery. china s weakened currency and high unemployment rate likely giving biden the upper hand today as competition between china and the u.s. is expected to be the center of the conversation. but with two wars raging overseas, and china s ongoing relationship with russia and iran, this meeting could provide an opening for biden to influence two major conflicts. joining us from san francisco, nbc news white house correspondent, monica alba, and janis mackey frayer as well. give us the top priorities for the biden administration and how confident the white house is for
Li Qiang’s chat with business leaders and trusted economists puts the onus on what can be done at home while the external environment becomes ‘increasingly complex, severe’.