The White House Monday said an “important turning point” has been reached in the three-year battle against the surge in inflation and that it’s important to protect progress in the job market.
“Inflation is coming back down close to normal levels, and it is important to safeguard the important labor market progress we have made,” Lael Brainard, director of President Biden’s National Economic Council, said in a speech before the Council on Foreign Relations.
Her comments come as the Federal Reserve is poised to cut interest rates this week for the first time in four years, as officials have declared they’ve gained confidence inflation is coming back down to their 2% target and that attention is shifting to a cooling labor market.
Fed Chair Jay Powell said in his last speech in Jackson Hole, Wyo., in late August that the Fed “will do everything we can to support a strong…
