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5/10, 6:09 PM (Source: TeleTrader)
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Biden: Inflation my top domestic priority

United States President Joe Biden remarked in his speech on Tuesday that he wants "every American to know I'm taking inflation very seriously" and that the rise in prices is his top domestic priority.

Speaking about the reasons behind the recent growth of inflation, Biden singled out the COVID-19 pandemic and Russia's military intervention in Ukraine, which had a particular effect on the prices of gasoline and food. He noted that, due to those factors, the entire world is facing a "historic inflation" at the moment. Still, Biden stressed the US is in a "stronger position" to combat the crisis than any other country.

The president emphasized maximum employment and stable prices as a way out of the crisis. He also noted the Federal Reserve's key role in achieving that goal. Biden went on to describe inflation as the country's "top economic challenge" at the moment and asserted his certainty the Fed feels the same.

Baha Breaking News (BBN) / JR