Economic advisers in the Biden administration have reportedly stated the U.S. Federal Reserve’s interest-rate hikes to rein in inflation is beginning to work, while President Joe Biden is doing everything possible to support the central bank.
On Inflation: Cecilia Rouse, chair of Biden’s council of economic advisers, said on CNN’s “State of the Union” on Sunday, “What we can see in the economic data is the Fed is focused on bringing down inflation,” she said according to a Bloomberg report. “And we are starting to see signs that the actions they are taking are having an effect,” she stated.
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The report also quoted White House economic adviser Jared Bernstein saying, “We are doing all we can to ease inflationary pressures. It is going to take some time.”
Bernstein’s comments are in line with Treasury Secretary Janet Yellen’s views on inflation. Yellen said last week the U.S. has “more work to do” to rein in the worst surge in inflation since the 1980s after consumer prices rose 8.2% in September compared to a year earlier.
The market witnessed significant volatility last week following the release of consumer price inflation data in the U.S. The SPDR S&P 500 ETF Trust SPY closed over 2% lower on Friday while the Vanguard Total Bond Market Index Fund ETF BND shed over 0.48%.
On Petroleum Reserve: Bernstein said on “Fox News Sunday” that Biden’s options include further deploying the Strategic Petroleum Reserve, the report stated. “The fact is there is the capacity to use the SPR to deal with some of the energy shocks we’re seeing in the world,” he said.
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Image and article originally from www.benzinga.com. Read the original article here.