Biden suggests rising inflation could delay Fed rate cut

President Joe Biden on Wednesday indicated that rising inflation figures could potentially give the Federal Reserve pause when considering an interest rate cut.

"This may delay it a month or so, I’m not sure of that. We don’t know what the Fed is going to do for certain," he said, according to The Hill. "But look, we have dramatically reduced inflation from 9 percent down to close to 3 percent. We’re in a situation where we’re better situated than we were when we took office, where inflation was skyrocketing."

Biden's remarks followed announcements that the inflation had climbed to 3.5% in March, rising 0.4% over the February number, a jump that slightly exceeded expectations. The Federal Reserve opted against dropping interest rates in late January, citing concerns about inflation.

"The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent," the Fed said at the time.

The Fed has left interest rates steady since July 2023 after hiking the figure consistently for a year to cool skyrocketing inflation.

Ben Whedon is an editor and reporter for Just the News. Follow him on X, formerly Twitter.