Biden believes that US inflation will be kept under control

The President expressed confidence that the measures to modernize the country’s infrastructure, the approval of which he is seeking, will ultimately allow “reducing inflation.”

The American economy is recovering from the damage caused by the coronavirus pandemic, and in the long term, according to experts, it will be possible to keep inflation in the country under control. This was stated by US President Joe Biden, speaking on Wednesday evening at a public meeting in Cincinnati (Ohio). The broadcast is hosted by CNN.

“The good news is that the economy is largely reviving,” the American leader noted. “The vast majority of experts, including on Wall Street, consider it extremely unlikely that inflation will be uncontrolled in the long term,” he added. According to Biden, high inflation in the country will be “in the short term.”

The US president expressed confidence that the measures to modernize the US infrastructure, the approval of which he is seeking, will ultimately allow “reducing inflation.”

US Treasury Secretary Janet Yellen last week on CNBC expressed confidence that inflation will be high in the US “within a few months.” She believes that “in the medium term” there will be a “return of inflation to normal indicators.”

Economists of the Federal Reserve System (FRS), which serves as the country’s central bank, expect that inflation in the United States this year will be 3.4%, next year its rate will fall to 2.1%, and in 2023 – to 2.2%.

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Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor
Steve Cowan

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