President Biden is shaking up his economic team as inflation continues to hammer U.S. consumers, forcing them to shell out higher prices on everything from groceries to airfare.
Mr. Biden announced on Tuesday that Lael Brainard, vice chair of the Federal Reserve System, is joining the White House as director of the National Economic Council. Mrs. Brainard will replace Brian Deese, who has held the post for the past two years and is stepping down.
“There is still more work to do as we make this transition to more steady, stable growth, and there could be setbacks along the way,” said Mr. Biden. “That is why my unwavering focus is on continuing to lower costs for families, rebuild our supply chains, and invest in America.” Inflation is hitting consumers hardest at grocery stores, with the cost of food up 10.1% in the past year. Eggs alone saw an 8.5% jump over the past month.
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