Biden: The Fed will take action to rein in inflation

At the press conference at the White House, Biden made evaluations about the economy with the employment report announced today in the USA. Noting that the country's unemployment rate has dropped from 4.2 percent to 3.9 percent, Biden stated that he believes it is a historic day for the United States' economic recovery. Biden said that the increase in the labor force participation rate showed the fastest increase since 1996 this year, and that Americans moved to better jobs with better salaries, so they quit their jobs. Stressing that inflation is still a cause for concern, Biden said that the increase in employment shows that his economic plan is working. Biden added, "America today is the only leading economy in the world where the economy as a whole is stronger than it was before the pandemic." Joe Biden underlined that they are determined to ensure a strong and long-lasting economic recovery.

"I am confident the Fed will ensure that price increases and inflation do not become permanent"

Stating that families still feel price and cost constraints even as employment and incomes improve, Biden has prepared a three-stage plan to address the costs families face. The first stage of this plan is to repair the supply chain. The second stage is to protect consumers and promote competition, and the third stage is to decrease the cost of kitchen expenses. Biden stated that he is confident that the US Federal Reserve (Fed) will take action to rein in inflation and ensure that price increases do not become permanent in the long run.