{"id":1712936,"date":"2022-10-27T08:45:46","date_gmt":"2022-10-27T12:45:46","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1712936"},"modified":"2022-10-27T08:48:56","modified_gmt":"2022-10-27T12:48:56","slug":"biden-on-second-thought-inflation-may-take-a-while-to-ease","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-on-second-thought-inflation-may-take-a-while-to-ease\/","title":{"rendered":"Biden: On Second Thought, Inflation May Take a While to Ease"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-on-second-thought-inflation-may-take-a-while-to-ease%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1712936&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President <a href=\"https:\/\/www.theepochtimes.com\/t-joe-biden\">Joe Biden<\/a> on Wednesday said that it will take time before <a href=\"https:\/\/www.theepochtimes.com\/t-inflation\">inflation<\/a> will ease for most Americans as polls show how price pressures continue to be a pressing issue ahead of the 2022 midterms.<\/p>\n<p>\u201cI\u2019m optimistic,\u201d he said during an event unveiling new Consumer Financial Protection Bureau rules against banking fees. \u201cIt\u2019s going to take some time. I appreciate the frustration of the American people.\u201d<\/p>\n<p>The president again blamed world events for the rise in inflation. Labor Department data shows that the consumer price index, a key inflation metric, stood at 8.2 percent in September, running near the 40-year high.<\/p>\n<p>\u201cOne of the things that I think frustrates the American people, is they know that the world is in a bit of disarray. They know that [Russia\u2019s] war has imposed an awful lot of strains on Europe and the rest of the world and the United States,\u201d Biden <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/10\/26\/remarks-by-president-biden-on-protecting-american-consumers-from-junk-fees\/\">said<\/a>. \u201cThey want to know what are we doing.\u201d<\/p>\n<p>Republicans have repeatedly hammered Biden and Democrats for pushing multi-trillion spending packages and embracing policies that have reduced or dampened U.S. oil production.<\/p>\n<p>Meanwhile, the president has pointed to the Democrat-backed $740 billion bill dubbed the Inflation Reduction Act that he signed over the summer as a way to curb rising price pressures. Democrats and Biden said that the law will help ease inflation.<\/p>\n<p>Polls have shown that the <a href=\"https:\/\/www.theepochtimes.com\/poll-95-percent-of-americans-concerned-about-rise-in-food-prices-ahead-of-midterms_4819939.html\">vast majority of Americans<\/a> view inflation as a key issue, including a Pew survey that found 95 percent are \u201cvery\u201d or \u201csomewhat\u201d concerned about the increase in food prices.<\/p>\n<p>As inflation started to rise, Biden and other White House officials dismissed concerns that it would stick around. Year-over-year inflation in September 2021 was 5.4 percent.<\/p>\n<p>\u201cWe also know that as our economy has come roaring back, we\u2019ve seen some price increases,\u201d he said in July 2021. \u201cSome folks have raised worries that this could be a sign of persistent inflation. But that\u2019s not our view. Our experts believe and the data shows that most of the price increases we\u2019ve seen are\u2014were expected and expected to be temporary.\u201d<\/p>\n<p>To dampen inflation, the Federal Reserve during its past three Federal Open Market Committee meetings opted to raise the federal funds rate by 75 basis points each time. The Fed will again meet in the coming weeks, and analysts <a href=\"https:\/\/www.reuters.com\/markets\/us\/fed-hike-by-75-bps-again-nov-2-should-pause-when-inflation-halves-economists-2022-10-25\/\">predict<\/a> that another 75-point hike is coming.<\/p>\n<p>Because of the rise in interest rates, some economists and many CEOs have warned that the United States will enter a recession in the next year or 18 months. Mortgage rates have reached highs not seen in decades, with the 30-year fixed rate reaching 7.16 percent for the week ending on Oct. 16, <a href=\"https:\/\/tradingeconomics.com\/united-states\/mortgage-rate#:~:text=US%2030%2DYear%20Mortgage%20Rate,Bankers%20Association%20(MBA)%20showed.\">according<\/a> to the Mortgage Bankers Association on Wednesday.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-jack-phillips\"><img decoding=\"async\" src=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2019\/06\/13\/Jack-Phillips.jpg\" alt=\"Jack Phillips\" \/><\/a><\/p>\n<div class=\"names\">\n<p>Breaking News Reporter<\/p>\n<\/div>\n<p>Follow<\/p>\n<\/div>\n<p>Jack Phillips is a breaking news reporter at The Epoch Times based in New York.<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden on Wednesday said that it will take time before inflation will ease for most Americans as polls show how price pressures continue to be a pressing issue<\/p>\n","protected":false},"author":1,"featured_media":1894934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1712936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1712936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1712936"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1712936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1894934"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1712936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1712936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1712936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}