When asked about the White House’s reaction to the stock market decline, including the fact that all profits have been wiped out since Biden took office last year, spokesman Karine Jean-Pierre watched the White House carefully. Said that.
“I know my family is worried about inflation and the stock market, which is what the president really knows,” he said at a press conference on Monday. “Only the United States sees us. It’s not a country that deals with what you have. ” Inflation-related moments. “
Press Secretaries continued to blame the ongoing war in Ukraine and the inflation caused by the emergence of the world from the blockade of the pandemic as factors affecting the current state of the economy.
But it’s White that Jean-Pierre is in a better position for Americans to deal with economic problems than before Biden took office, despite the stock market decline and many other nasty economic indicators. Claimed to be House’s view.
“The way we see this is that Americans are in a good position to tackle these challenges because of the economic and historical benefits we have achieved under this President in the last 16 months. “She continued.
The unemployment rate remains at 3.6%, slightly above the half-century lows recorded in February 2020, but American wallets have been hit by rising commodity costs and falling stock prices. increase.
US stocks plunged into a bear market on Monday as investors became more and more nervous about the prospect of a tougher rate hike from the Federal Reserve to get rid of some of inflation.
After halving interest rates in May (an action the Fed hasn’t taken since 2000), Jerome Powell promised more to do the same until the central bank was convinced that inflation was under control. At that point, he said, the Fed will resume raising standard quarter points.
But after a hotter-than-expected inflation report in May, Wall Street is increasingly calling for more stringent action from the Fed to control prices.
“We know that highs have a huge impact on people’s lives. We understand that. That the economy is working for Americans,” said Jean-Pierre. We’re very focused on doing everything we can to make sure, but we’re out of the strongest employment market in American history, and it’s important, and much of it’s American. Thanks to the rescue plan. ”
Yellen downplayed the inflationary effects of the stimulus package and instead pointed out a “miracle rapid recovery” of the economy.
“A lot of things are happening right now, but the idea of being able to click a switch to lower the cost of gasoline is unlikely in the short term, nor is it with food,” Biden said. rice field. White House.
CNN’s David Goldman and Chris Isidore contributed to this report.
Source: www.cnn.com
