Biden speaks on the economy, job growth before big Fed rate decision
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Joe Biden will deliver remarks about the economy, job growth, and deficit reduction efforts on Wednesday morning. This is just before the Federal Reserve raises interest rates to counter inflation.
The central bank widely expected to hike rates by half a percentage pointAnnounce a plan for reducing its balance sheet. After the announcement of the policy statements at 2 pm, Fed Chair Jerome Powell will brief media. ET.
Biden speaks from the White House Roosevelt Room. persistent inflation has sent prices risingOver the last year, it has risen to record highs. This has proved to be politically detrimental for the Biden Administration and has raised fears about “stagflation,” a dangerous mix of stagnant and rising economic growth.
ADP also released a fresh payrolls report, which the president had made. private payrolls increased by 247,000 in April — well below estimates of 390,000 from Dow Jones.
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