Chief Economic Adviser Says Pace of U.S. Inflation Is on Target
The United States has just hit a “significant milestone” in the battle to bring down inflation, President Joe Biden’s chief economic adviser said on December 22. Earlier that day, the Commerce Department released data showing that a closely watched inflation gauge had cooled beyond what economists were expecting and that prices fell on a month-to-month basis for the first time since April 2020.
“We’re closing out the year with inflation on a six-month basis at 2% — the pre-pandemic benchmark,” said Lael Brainard, the former Federal Reserve vice chair who now heads the National Economic Council, during a call with reporters on Friday. “This is a significant milestone. If you think about where we were just a year ago, it is worth reflecting on just how much progress has been made.” She added: “Inflation has come down faster than even the more optimistic forecasts, and that has happened in the context of ongoing solid growth and strong employment.”
Source: CNN, 12.22.2023
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