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President Joe Biden is about to deliver remarks on the economy, job growth and deficit-reduction efforts Wednesday morning, shortly before the Federal Reserve is anticipated to lift rates of interest as a part of a serious push to fight inflation.
The central bank is widely expected to hike rates by half a percentage point and announce a plan to attract down its balance sheet. Fed Chair Jerome Powell is about to transient the media after the policy statements are announced at 2 p.m. ET.
Biden’s speech from the White House Roosevelt Room comes as persistent inflation has sent prices rising to historic levels over the past yr. The trend has been politically damaging for the Biden administration and has stoked fears of “stagflation,” an unwanted mixture of rising prices and stagnant economic growth.
The president’s remarks also come on the heels of a latest payrolls report from ADP showing private payrolls increased by 247,000 in April — well below estimates of 390,000 from Dow Jones.