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President Joe Biden is ready to comment on the economy, job growth and deficit reduction efforts on Wednesday morning, shortly before the Federal Reserve is expected to raise interest rates as part of a major boost to fight inflation.
The central bank is expected to raise interest rates by half a percentage point and announce a plan to reduce its balance sheet. Fed Chairman Jerome Powell will inform the media after the policy statements are announced at 14:00 ET.
Biden’s speech from Roosevelt’s room in the White House comes as sustained inflation has driven prices to historic levels over the past year. The trend is politically detrimental to the Biden administration and fuels fears of stagnation, an unwanted combination of rising prices and stagnant economic growth.
The president’s remarks also come after the new ADP payroll report, which shows that private payrolls rose 247,000 in April, well below the Dow Jones estimate of 390,000.
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