US inflation at turning point, White House’s Brainard says, prompting focus on jobs
Top White House economic adviser Lael Brainard stated on Monday that the U.S. economy has made significant progress in lowering Inflation and now needs to focus on maintaining recent advancements in the labor market. Just days before the anticipated start of a monetary easing cycle by the Federal Reserve, Brainard spoke at a Council on Foreign Relations event in New York, noting that Inflation is returning to typical levels without the previously anticipated job losses and growth slowdown.
“Inflation is now nearing normal levels, and it is crucial to protect the strides we have made in the labor market,” Brainard remarked. The former Fed vice chair, who currently leads the White House National Economic Council, did not suggest specific actions for the Fed’s upcoming meeting. However, she highlighted President Joe Biden’s support for the Central bank‘s independence, contrasting it with former President Donald Trump’s frequent criticisms of Fed policies during his tenure.
Brainard detailed the Biden administration’s efforts to bolster the recovery, including COVID relief spending and clean energy tax breaks, while also noting the ongoing need to assist Americans facing rising prices and living costs. “Continued collaboration is essential to address affordability challenges and expand opportunities for working families and the middle class,” she added.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.