Published On: Tue, Jul 20th, 2021

Biden Seeks to Quell Inflation Fears, Calls Price Rises ‘Expected’ and ‘Temporary’

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President Joe Biden on Monday sought to allay inflation fears, saying he expects price increases to be temporary while vowing vigilance for signs of unchecked inflation over the longer term, which he acknowledged would pose a “real challenge” to the economy. Biden told reporters at a White House press briefing on July 19 that around 60 percent of what’s behind rising prices can be attributed to “transitory effects” like surging demand grating against supply chain bottlenecks as the economy continues to emerge from the pandemic deep freeze. “As our economy has come roaring back, we’ve seen some price increases. Some folks have raised worries that this could be a sign of persistent inflation. But that’s not our view,” he said, insisting the current bout of inflation was both “expected” and “expected to be temporary.” “The reality is, you can’t flip the global economic light back on and not expect this …

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