Biden: Inflation news may delay rate cut but we will have a cut before year end

Kishida and Biden are speaking to the press now and Biden weighed in on inflation and monetary policy:

• Inflation may delay rate cut
• I don’t know what the Fed will do
• We have a plan to deal with inflation
• Inflation news may delay rate cut but we will have a cut before year end

Here is exactly what he said, which isn’t quite as strong as the headlines indicated:

“I do stand by my prediction that, before the year is out, there’ll be a rate cut. This may delay it a month or so, I’m not sure of that, we don’t know what the Fed is going to do for certain,” Biden said.

As he’s making a plan, he might want to consider this:

• US est deficit to GDP this year: 6.8%
• Canada est deficit to GDP this year: 1.8%

• US core CPI: +3.8% y/y

• Canada core CPI: +2.1% y/y

This article was written by Adam Button at www.forexlive.com.