The recent Consumer Price Index (CPI) reading for January exceeded expectations, indicating an increase in inflation from the previous month. As a result, many people are now focusing their attention on the Federal Reserve, where officials will carefully evaluate inflation and the overall state of the economy before making any decisions about potential future interest rate cuts.
Daniel Hornung, National Economic Council Deputy Director, spoke with Yahoo Finance about the latest CPI reading and how the White House plans to present this data and the current state of the economy to voters. According to Hornung, public sentiment about their own financial situation and the direction of the economy is improving. President Biden’s economic policy achievements, such as lowering prescription drug costs, healthcare premiums, and clean energy costs, are also widely popular. Additionally, there is significant support for the president’s plans to raise taxes on large corporations and the wealthiest Americans in order to reduce the deficit.
Hornung emphasized the importance of continuing to communicate this information to the American people by going out into the country and sharing what President Biden has accomplished. For more expert insight and up-to-date market action, viewers can watch Yahoo Finance Live.