Biden Predicts Fed Will Cut Rates Despite High Inflation
- President predicts rate cut will happen by year’s end
- Wednesday data delivered fresh blow to Biden’s reelection bid
Joe Biden
Photographer: Bonnie Cash/UPI/Bloomberg
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President Joe Biden said he stands by his prediction that the Federal Reserve would cut interest rates by the end of the year, despite a new report showing stubbornly high inflation.
“Well, I do stand by my prediction that, before the year is out, there’ll be a rate cut,” Biden said Wednesday at a White House press conference alongside Japanese Prime Minister Fumio Kishida. Biden said Wednesday’s report could delay a rate cut by at least a month but was ultimately unsure how the central bank would act.