Biden Says Recent Surge in U.S. Inflation Is ‘Temporary’

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • Surfside Officials Release Body Cam Video of Florida Building Collapse
  • LIVE: Vaccine Mandates for Kids Could Be Next Back-to-School Fight | Top News
  • Debate Over School Masks Turns Heated Among Parents in Chicago Suburb
  • Bloomberg Quicktake: Now published this video item, entitled “Biden Says Recent Surge in U.S. Inflation Is ‘Temporary'” – below is their description.

    President Joe Biden said he believes the surge in U.S. inflation is temporary and that he has told Federal Reserve Chairman Jerome Powell that he respects the central bank’s independence.

    Biden said Monday at the White House that recent price increases are “temporary,” countering Republican arguments that the president’s economic spending plans would cause inflation to spiral out of control.

    But he also emphasized that he wouldn’t interfere with the central bank’s policies: “As I made clear to Chairman Powell of the Federal Reserve when we met recently, the Fed is independent. It should take whatever steps it deems necessary to support a strong and durable economic recovery.”

    The U.S. saw the largest surge in consumer prices in more than 12 years last month, with a Labor Department gauge rising 5.4% compared to one year ago. The House Republicans’ campaign arm targeted vulnerable Democrats with online ads around the July 4 holiday decrying price increases for “burgers, buns, propane, gas.”

    A significant portion of the recent inflation is tied to sectors experiencing parts shortages or surging demand stemming from the economy’s reopening, including cars, hospitality and lumber — a point stressed by Biden in his remarks.

    Bloomberg Quicktake: Now YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: Democrats

    “Democrats” usually refers to the The Democratic Party of the United States – one of the two major political parties in the country, along with its main, historic rival, the Republican Party.

    It was founded on 8th January 1828 and has its contemporary headquarters in Washington, D.C., United States. The present leadership is Nancy Pelosi (Party leader) and Jaime Harrison (Party chair).

    2 Recent Items: Democrats

  • Dana Perino: Democrats are ‘screwing’ landlords again
  • Trump asks court to end House pursuit of his tax returns from IRS
  • In This Story: Joe Biden

    Joe Biden is an American politician serving as the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to 2009.

    He is married to Dr Jill Biden.

    Books by Joe Biden #Ad

    6 Recent Items: Joe Biden

  • Biden calls out GOP governors: Help or get out of the way
  • Biden Pledges $100 Million More in U.S. Humanitarian Aid to Lebanon
  • Andrew Cuomo faces calls for resignation from powerful Democrats
  • Biden pledges $100m of humanitarian aid to Lebanon on one year anniversary of Beruit blast
  • What to Know About the New Eviction Moratorium
  • Macron Pledges $118.6 Million to Lebanon One Year After Beirut Blast
  • Leave a Comment