Price spikes threaten to ground Biden's big-spending plans
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Summary
“At the same time, this report underscores that we still have more work to do, with price increases still too high and squeezing family budgets.”Economists expect inflation to begin easing later this year, not least because the Fed has quickly pivoted toward the prospect of as many as three interest rate hikes, possibly starting as early as March. That was an argument echoed by the White House at the time.This week, he was much more optimistic about the job market, pointing to signs that workers right now have lots of leverage over where they work and how much money they make.“We’re very rapidly approaching or at maximum employment,” Powell said at his confirmation hearing for a new term as Biden's nominee for Fed chair.White House economic adviser Brian Deese underscored that aspect of the economy in remarks on MSNBC following Wednesday’s inflation reading.
As said here by Victoria Guida