Biden: Inflation Will Cool Later This Year

President Joe Biden is acknowledging historic inflation, but at the same time, Biden believes it is tapering off this year.

President Joe Biden said Thursday he sees signs of relief on the horizon for US consumers, after a government report showed inflation staying at a 40-year high.

“According to Nobel laureates, 14 of them that contacted me, and a number of corporate leaders, it ought to be able to start to taper off as we go through this year,” the president told NBC’s Lester Holt.

Economists seem to be trying to one-up each other with talk of emergency interest rate hike or a large 75 basis point in March.

How hawkish will the Federal Reserve be this year? At the moment, Wall Street economists seem to be telling their clients “more hawkish than we thought five minutes ago.”

The strong US consumer inflation data reported Thursday has set off what looks like a chain reaction of upward revisions to projected interest rates rises.

During an interview on “Mornings with Maria” Rep. David Kustoff, R-Tenn., slammed the Biden administration for referring to inflation as “transitory” in the past, as it reaches a 40-year high and is now impacting Americans negatively.