White House staffer Bernstein: We have a lot of work ahead of us due to disturbingly high inflation
WASHINGTON, September 18 – RIA Novosti. US authorities still have a lot of work to do due to “disturbingly high” inflation rates, such a view expression Jared Bernstein, member of the White House Economic Council and Advisor to the President of the United States, in an interview with Fox News.
“Prices are uncomfortably high. We still have a lot of work to do,” he said.
At the same time, according to Bernstein, the policy of the US Federal Reserve System (FRS) to increase the discount rate has already led to a slowdown in consumer price growth, including in the real estate market.
“The Fed, as it should be, is in a cycle of raising[rates]to reduce inflationary pressures. This is cooling the overheated real estate market,” said Biden’s adviser.
Annual inflation in the country slowed less than expected in August – from 8.5% to 8.3%, analysts had expected a fall to 8.1%.
Earlier in September, US Federal Reserve Chairman Jerome Powell confirmed that the regulator will continue its active policy of curbing inflation until it achieves the desired result. At the same time, the Fed maintains its benchmark in inflation expectations at 2%.
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