President Joe Biden said he stands by his prediction that the Federal Reserve would cut interest rates by the end of the year, despite a new report showing stubbornly high inflation.

“Well, I do stand by my prediction that, before the year is out, there’ll be a rate cut,” Biden said Wednesday at a White House press conference alongside Japanese Prime Minister Fumio Kishida. Biden said Wednesday’s report could delay a rate cut by at least a month but was ultimately unsure how the central bank would act.

A third consecutive month of higher-than-expected inflation data delivered a fresh blow to Biden’s reelection prospects ahead of November’s election, exacerbating concerns voters could punish Biden over high prices and delay hopes for Federal Reserve rate cuts the president has predicted.

Read more: https://www.bloomberg.com/news/articles/2024-04-10/biden-s-battle-against-inflation-gets-tougher-with-latest-data?sref=omvmmwIg

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