Inflation Claims by President Joe Biden

President Joe Biden falsely claimed that inflation was at 9% when he took office in January 2021, when in fact it was 1.4%. Inflation has remained high, with rates reaching 3.5% in March. Biden continues to blame former President Trump for high inflation rates.

Inflation and Economic Policy

Deputy Treasury Secretary Wally Adeyemo commented on PCE inflation report, stating that inflation has dropped and will continue to do so, urging food companies to pass cost savings to consumers. He also mentioned the President's focus on reducing costs for Americans through various measures.

Federal Reserve's decision on rate cuts and inflation

Federal Reserve Chairman Jerome Powell indicates that it is not the right time for rate cuts due to lack of progress in achieving inflation goals and increasing inflation data. Larry Fink from Black Rock blames massive spending projects for inflation. Powell is becoming more hawkish on future cuts but is currently holding off, possibly until mid to late summer.

Japan's Central Bank Raises Interest Rates

Japan's central bank raised interest rates for the first time since 2007, ending the negative rates regime due to robust wage gains. The bank also announced changes to its policies on bond purchases and quantitative easing.

President Biden's Economic Policy

President Biden to outline populist economic policy in second term at State of the Union address, focusing on tax increases for wealthy households and corporations.