High inflation remains a problem for Biden

“We may face additional headwinds in the coming months,” Biden said, noting that the war in Ukraine and supply chain disruptions are global challenges. “Our work is far from over.

The White House has said reducing inflation is its top priority. He has released oil from the Strategic Petroleum Reserve to help stabilize gas prices, taken steps to mitigate supply chain disruptions and encouraged the Federal Reserve to do what is necessary in terms of increasing interest rates in order to orchestrate a so-called soft landing.

Democrats are set to pass climate and tax legislation known as the Cut Inflation Act, which they say will further slow rising prices over time.

Although the legislation is expected to cut the deficit by about $300 billion over a decade, the scale and timing of this fiscal rollback means the bill may actually have little impact on inflation.

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