.POTUS welcomed the news that inflation has continued easing, saying it's a sign of economic progress. 'Annual inflation is down by a third from this summer at a time when the unemployment rate remains near a 50-year low,' Biden said.
Inflation slowed to a 6% rate in the year ending in February, the Bureau of Labor Statistics reported Tuesday, a welcome sign as the Federal Reserve prepares to meet for a monetary policy meeting."Today’s report shows annual inflation is down by a third from this summer at a time when the unemployment rate remains near a 50-year low," Biden said in a prepared statement."That is the slowest annual increase since September 2021.
Inflation had been running at 6.4% the month before. Tuesday’s report marks seven straight months of declines in annual inflation after the rate peaked at 9.1% in June. Inflation was 1.4% the month Biden took office, and the Fed's target rate is 2%. "As I’ve long said, and as challenges in the banking sector remind us, there will be setbacks along the way in our transition to steady and stable growth," Biden said."But we face these challenges from a position of strength. More than 12 million jobs have been created since I took office and the share of working age adults in jobs or looking for work is the highest it has been in 15 years.
The Fed will meet next week to decide whether to raise interest rates, with some expressing concern that if it does hike rates once again, it could lead to a recession. That's an outcome Biden very much wants to avoid.
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