March’s hotter-than-expected Consumer Price Index (CPI) data contrasts with last week’s overwhelming jobs report for the same month. As the Federal Reserve works to balance its dual mandate while managing its 2% inflation target, what kind of portrait is this painting of the US economy?
White House Senior Advisor Gene Sperling joins Wealth! to talk about the impact inflation is having on US consumers as the Biden administration works to ease pricing pressures, particularly in energy costs and the housing sector.
"It has always been the case that our number one focus is on overall cost for working families. Of course, inflation has come down significantly from its highs, but it’s not good enough for us. We would have liked to see this number come in lower. there’s no question about that," Sperling states. "But the way we look at it overall is what is the strain on working families? What can we do? We’d obviously like to see prices come down more. Obviously, the PCE [Personal Consumption Expenditures] that the Fed looks [at] was stronger than this. The last report had that at 2.5% over the previous 12 months and core at 2.8%…"About Yahoo Finance:
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