Biden speaks in National Association of Counties meeting as inflation continues to ease

Joe Biden addressed the National Association of Counties meeting today, 14 February, after the latest US inflation data was released.

US inflation has remained high, but has cooled for a seventh month in a row.

In midday trading on Tuesday (14 February) the S&P 500 was 1 per cent lower.

Reports showed that inflation cooled to 6.4 per cent in January from its peak of 9.1 per cent in June.

Wall Street is hoping for a continuing slowdown in order for the Federal Reserve to pause its hikes and begin contemplating cuts to them.

Though inflation may be slowing, food prices in the US have jumped significantly.

Egg prices have increased by 70 per cent compared with two years ago, though the price of beef has fallen compared to one year ago.

“While inflation is heading in the right direction, there is a long and bumpy road ahead to price stability,” said Andrew Patterson, senior economist at Vanguard.

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