Investors are cautious today amid simmering fears that rapid hikes in consumer prices will lead to a deep economic slump. Wall Street banking giant Goldman Sachs issued a warning to its clients this week that it sees a 30% chance that the US will slip into a recession. But there's optimism that Washington could find a way to provide some much needed relief. The Biden administration says it wants to bring down the price of goods from China, by slashing tariffs put in place by his predecessor Donald Trump.

We spoke to Craig Erlam, who is senior market analyst at OANDA. He joined us from London.

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