{"id":2217223,"date":"2024-04-10T08:47:02","date_gmt":"2024-04-10T12:47:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hot-prices-inflation-rose-to-3-5-in-march-in-bad-news-for-biden-and-fed\/"},"modified":"2024-04-10T10:18:55","modified_gmt":"2024-04-10T14:18:55","slug":"hot-prices-inflation-rose-to-3-5-in-march-in-bad-news-for-biden-and-fed","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hot-prices-inflation-rose-to-3-5-in-march-in-bad-news-for-biden-and-fed\/","title":{"rendered":"Recent data shows a concerning rise in inflation to 3.5% in March, impacting Biden and the Fed"},"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\">34<\/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%2Fhot-prices-inflation-rose-to-3-5-in-march-in-bad-news-for-biden-and-fed%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=2217223&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>Inflation surged to 3.5% for the\u200d year ending \u200din \u200dMarch, exceeding\u200c expectations\u2063 and posing challenges\u2063 for the\u200b Federal Reserve, aiming\u200d to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/breitbart-business-daily-the-rumble-and-the-ruble-how-the-wests-sanctions-on-russia-strengthen-the-ruble-and-threaten-globalization\/\" title=\"Breitbart Business Daily: The Rumble and the Ruble\u2014How the West\u2019s Sanctions on Russia Strengthen the Ruble and Threaten Globalization\">cut interest rates<\/a>.\u2064 This \u200ddevelopment is concerning for President Joe Biden, as it contradicts\u200c the White House&#8217;s emphasis on\u200d declining\u200b inflation and a strong labor market. The Fed&#8217;s efforts to \u2063reduce inflation\u200c and uncertainties around rate adjustments are\u2062 highlighted in the report.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/tag\/inflation\/\" target=\"_blank\" rel=\"noreferrer noopener\">Inflation<\/a> rose to 3.5% for the year ending in March, the Bureau of Labor Statistics reported Wednesday in an update to the\u00a0consumer\u00a0price\u00a0index. <\/p>\n<p>The rise in headline inflation is more than expected and an unwelcome development for the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/federal-reserve\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Reserve<\/a>, which has been aiming to move toward cutting interest\u00a0rates\u00a0in the coming months. It\u2019s also bad news for President Joe Biden. The <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/white-house\/\" target=\"_blank\" rel=\"noreferrer noopener\">White House<\/a> has been emphasizing recent declines in inflation, alongside the robust labor market, as \u201c<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/bidenomics\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bidenomics<\/a>\u201d in action.<\/p>\n<p>The Fed has worked to drive down\u00a0inflation\u00a0for two years now by raising interest\u00a0rates. Wednesday\u2019s report casts uncertainty over the timing of the Fed beginning to trim rates. <\/p>\n<p>On a month-to-month basis,\u00a0inflation\u00a0rose 0.4%, more than expected.<\/p>\n<p>\u201cCore\u00a0inflation,\u201d which doesn\u2019t include volatile food and energy\u00a0prices,\u00a0remained at 3.8%\u00a0for the year ending in February. Overall, core\u00a0inflation\u00a0has largely trended down this year in an indication that the Fed\u2019s tightening is working.<\/p>\n<p>Annual inflation peaked at about 9% in June 2022, and, while it is now much lower than it was, price growth is still running higher than the Fed\u2019s preferred 2% level.<\/p>\n<p>Inflation has been blamed on factors on both the supply and demand sides of the equation. Republicans have blamed the rash of stimulus spending amid the pandemic coupled with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/secy-yellen-dismissed-concerns-of-double-digit-inflation\/\" title=\"Secy. Yellen dismissed concerns of double-digit inflation\">ultra-low interest rates<\/a>. Democrats have highlighting supply-side issues and noted that inflation rose in most Western countries and not just the U.S.<\/p>\n<p>The Fed\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-the-government-is-distorting-the-housing-market\/\" title=\"How The Government Is Distorting The Housing Market\">interest rate target<\/a> is now 5.25% to 5.50%, where it has been held since June.<\/p>\n<p>The higher interest rates are causing some pain for consumers who have already been buffeted by too-high inflation.<\/p>\n<p>The average rate on a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/middle-class-millennials-hard-hit-by-housing-market\/\" title=\"Middle Class, Millennials Hard Hit By Housing Market\">30-year fixed-rate mortgage<\/a>, for example, has risen from under 3% when Biden was inaugurated to 7.11% in the most recent reading provided by <em>Mortgage News Daily<\/em>. As a result, the typical payment on a new mortgage rose to $2,721 in March, <a href=\"https:\/\/investors.redfin.com\/news-events\/press-releases\/detail\/1073\/rising-supply-draws-in-some-buyers-even-as-housing#:~:text=SEATTLE%2D%2D(BUSINESS%20WIRE)%2D%2D,technology%2Dpowered%20real%20estate%20brokerage.\" target=\"_blank\" rel=\"noreferrer noopener\">according to<\/a> the real estate company Redfin, double what it was as recently as mid-2020.<\/p>\n<p>The country\u2019s strong jobs market and positive gross domestic product growth have given the Fed more wiggle room to keep rates higher for longer.<\/p>\n<p>The economy added 303,000 jobs in March, a number that exceeded expectations. Economists had forecast about 212,000 new payroll jobs, adjusted for seasonal variation.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>Additionally, GDP grew at a robust 3.4% annualized rate in the fourth quarter of 2023, adjusted for inflation, and <a href=\"https:\/\/www.atlantafed.org\/cqer\/research\/gdpnow\" target=\"_blank\" rel=\"noreferrer noopener\">is expected<\/a> to come in at a strong 2.5% in the first quarter of this year.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflation surged to 3.5% in March, surpassing expectations, as per the latest consumer price index update by the Bureau of Labor Statistics. This unexpected increase poses challenges for the Federal Reserve, which planned to reduce interest rates soon. The development is concerning for both the economy and policymakers<\/p>\n","protected":false},"author":2683,"featured_media":2217224,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/AP24023711063510-1024x683.jpg","fifu_image_alt":"Recent data shows a concerning rise in inflation to 3.5% in March, impacting Biden and the Fed","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2217223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/AP24023711063510-1024x683.jpg","fifu_image_alt":"Recent data shows a concerning rise in inflation to 3.5% in March, impacting Biden and the Fed","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2217223","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\/2683"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2217223"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2217223\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2217224"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2217223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2217223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2217223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}