US President Joe Biden and Japanese Prime Minister Fumio Kishida recently held a joint press conference at the White House in Washington, DC on April 10, 2024. During this conference, President Biden addressed his handling of the economy, specifically in relation to inflation, which has been a persistent issue throughout his presidency.
The most recent Consumer Price Index data revealed a 3.5% increase in consumer prices for the 12 months ending in March. This surge in prices has negatively impacted Biden’s approval ratings on the economy. Despite this, Biden emphasized that the country is in a better position now than when he took office due to reducing the rate of inflation from 9% to 3%.
Inflation began to rise in 2021 as American life normalized after the pandemic and reached a peak of 9.1% in June 2022. President Biden criticized Republicans for lacking a plan to address the issue, contrasting it with his administration’s sustainable approach rather than just focusing on tax cuts for the wealthy.
Biden expressed confidence in a potential interest rate cut by the Federal Reserve but acknowledged that timing might change. The uncertainty surrounding the Fed’s decision was highlighted as he discussed the future economic landscape. This is a developing situation and will be updated as new information emerges.
