Biden Says Economy Will ‘Continue To Make Progress’ After Another Dismal Inflation Report

President Joe Biden A strong degree of satisfaction was expressed Economic Even though the Consumer Price Index rose 6.0% from February 2022 to February 2023, confidence was high Price The pressures on household staples continue to increase.

The 0.4% monthly increase was in line with analysts’ predictions, while core inflation (which accounts for volatile food and energy types) rose 0.5%. According to the Bureau of Labor Statistics (Bolster of Labor Statistics), food prices increased 0.4%, shelter prices increased 0.8%, and energy prices dropped 0.6%. Report.

“The latest snapshot of inflation at the retail level has come in largely as expected and that alone is somewhat reassuring,” Mark Hamrick, Bankrate Senior Economic Analyst, said the comments in The Daily Wire.

Despite the relative Receipt From the January 2023 6.4% inflation, electricity and food prices have increased 9.5%, 12.9% and respectively between February 2022-2023. Biden stated that “annual inflation is down by a third from this summer” The White House released a Tuesday statement stating that inflation is three times higher than the 1.4% level when he took office in January 2021.

“We will continue to make progress in our fight to build an economy from the bottom up and middle out, not top down,” The commander-in chief said. “At the same time, I will do everything in my power to prevent us from going backwards on the progress we’ve made, including by standing up to Congressional Republicans who threaten economic catastrophe over the debt limit in order to secure tax cuts for the wealthy and large corporations and reckless cuts to critical programs that American seniors and families count on.”

In an effort to reduce inflationary pressures the Federal Reserve has increased its target federal funds rate. The financial sector was shocked by the 4.5% increase in interest rates over the last few months: Silicon Valley Bank was Forcible To sell long-term corporate bonds and government securities at a loss in order to fund withdrawals. This led to the sudden implosion of the company.

Biden said that the “challenges in the banking sector” They serve as a reminder of this. “there will be setbacks along the way in our transition to steady and stable growth.”

The Federal Deposit Insurance Corporation now has control over Silicon Valley Bank so that depositors have access to their money. This is a new obstacle in the fight against inflation. Federal Reserve Chair Jerome Powell Submitted Just days before the collapse, lawmakers announced that monetary policymakers planned to keep raising the federal funds target rate.

“Watching inflation as well as other recent developments, the Federal Reserve has a needle to thread,” Hamrick continued. “Consistent with its mandate for stable prices, it still needs to see inflation fall further while also ensuring the stability of the financial system. The bank failures of the past week have pushed financial stability issues to center stage, but inflation remains in the spotlight and is part of its dual mandate along with maximum employment.”

Powell was joined by Janet Yellen, Treasury Secretary, and Martin Gruenberg, Chairman of FDIC in a joint Statement Promising that the banking system will be reformed “remains resilient and on a solid foundation.” They promised it. “no losses” The collapse of Silicon Valley Bank could be associated with it. “borne by the taxpayer.”

“From Biden Says Economy Will ‘Continue To Make Progress’ After Another Dismal Inflation Report“

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