Joe Biden Gets Bad News Right Before Speech Newsweek
News Source : Newsweek
News Summary
- Federal Reserve Chairman Jerome Powell said that inflation has struggled to progress towards the central bank's target band
- Powell said policymakers need more "confidence" that inflation was cooling before they can lower interest rates
- A delay in rate cuts could be a blow to Biden as it suggests that borrowing costs are likely to stay higher for longer
President Joe Biden received bad news on the economy just before his visit to Scranton, Pennsylvania, on Tuesday.Federal Reserve Chairman Jerome Powell said that inflation has struggled to progress [+4524 chars]