You will probably recall that the president said last month that while he couldn’t guarantee a cut in interest rates, he was“I can’t guarantee it. But I bet — you betcha — those rates come down more, because I bet you that that little outfit that sets interest rates, it’s going to come down,” Biden said in a March speech in Philadelphia.
President Joe Biden and Japanese Prime Minister Fumio Kishida arrive for a joint press conference in the Rose Garden at the White House on April 10, 2024 in Washington, DC. The Oval Office can be a very isolating place, so it is not clear if Biden understands just how much the inflation picture has changed. His economic advisers may not be delivering the cold facts in a language that the president can understand.
The same logic works with business expansions. If businesses expect rate cuts, they are willing to finance projects at higher rates now because they anticipate refinancing at a lower rate. So,The facts about prices have not been friendly to the view that rate cuts are coming soon. Core inflation, as measured by the consumer price index , rose by 4.5 percent annualized in the first quarter, up from 3.3 percent at the end of last year.
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