(Bloomberg) — The Federal Reserve’s interest-rate hikes to bring inflation under control are starting to work, while President Joe Biden is doing everything possible to support the US c…
By Alexandra Harris and Erik Wasson | Bloomberg
“What we can see in the economic data is the Fed is focused on bringing down inflation,” Cecilia Rouse, chair of Biden’s council of economic advisers, said on CNN’s “State of the Union” on Sunday. “And we are starting to see signs that the actions they are taking is having an effect.” Core inflation, excluding food and energy, jumped to a 40-year high of 6.6% in September from a year ago, outpacing forecasts and triggering a slide in US bond markets, as investors bet that the Fed will go for two more 75 basis-point increases this year.
“We are doing all we can to ease inflationary pressures,” White House economic adviser Jared Bernstein said. “It is going to take some time.”Biden’s options include further deploying the Strategic Petroleum Reserve, Bernstein said on “Fox News Sunday.”
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