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US President Joe Biden declared that fighting inflation is his top priority adding that he understands Americans’ frustration over high prices.
The Washington Post reported that ”Biden used a speech from the White House to address an issue that has become a major political liability for him. At the same time, he sought to draw contrasts with his Republican critics, noting the economic policies he is pushing while arguing that Republicans have no viable plan on inflation.
Biden said he was looking at the possibility to drop some of the tariffs imposed against Chinese imports in order to lower US consumer price inflation.
On Wednesday, the US will report the CPI data. It is expected to rise by 0.5% MoM in April and headline to rise by 0.3%, as food and energy prices eased. Inflation has probably peaked on a YoY basis, but monthly inflation trends remain stubbornly high and above rates consistent with 2%.
Fed Chair Powell wants to reduce the excessive demand in the labour market by achieving a reduction in job openings without unemployment rising. Navigating that path will be challenging.
