January’s Consumer Price Index (CPI) reading came in higher than expected, indicating a rise in inflation month-over-month. Many are now watching the Federal Reserve closely as officials consider inflation and the state of the economy in relation to future interest rate cuts.
National Economic Council Deputy Director Daniel Hornung spoke with Yahoo Finance about the recent CPI reading and how the White House plans to present these numbers and the state of the economy to voters. Hornung emphasized the positive aspects of President Biden’s economic policies, noting that improvements can be seen in people’s perception of their own financial situations and the direction of the economy. He also highlighted the popularity of measures to lower costs, such as prescription drugs, healthcare premiums, and clean energy costs, as well as plans to raise taxes on large corporations and the wealthiest Americans to reduce the deficit.
According to Hornung, the focus moving forward will be on continuing to communicate the story of what the president has done to the American people. For more expert insight and the latest market action, you can watch the full episode of Yahoo Finance Live.