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Biden Team Points at the Fed as Inflation News Worsens

  • White House says it’s giving Fed the ‘space that it needs’
  • Inflation hits fresh 40-year high, consumer sentiment tumbles
Joe Biden
Joe Biden

Photographer: Ken Cedeno/UPI/Bloomberg

Updated on

The White House’s argument that policy makers are effectively handling the cost-of-living surge was dramatically punctured Friday morning, as inflation unexpectedly hit a fresh 40-year high and consumer sentiment tumbled to a record low.

“Today’s report underscores why I have made fighting inflation my top economic priority,” President Joe Biden said in a statement Friday. “While it is good to see critical ‘core’ inflation moderating, it is not coming down as sharply and as quickly as we must see.”