White House Not ‘Sitting on Our Hands’ About Inflation, Biden Adviser Says

Saturday, July 17, 2021
White House Not ‘Sitting on Our Hands’ About Inflation, Biden Adviser Says White House Not ‘Sitting on Our Hands’ About Inflation, Biden Adviser Says

(Bloomberg) -- The White House views inflationary pressures as temporary and is addressing supply crunches to limit price growth, according to one of President Joe Biden’s economic advisers.

“We’re focused on the economic boom. Now, when it comes to inflation, we’re far from sitting on our hands there, either,” Jared Bernstein, a member of the White House Council of Economic Advisers, said in a Bloomberg Television interview with Annmarie Hordern on Friday.

The White House is addressing the supply-side issues related to ports, housing and microchips that have pushed up prices, he said. Officials are meeting representatives of the homebuilding industry Friday as Biden seeks to address a housing-supply shortage that’s spurring a record increase in home prices.

Prices paid by consumers increased the most in more than a decade in June. While the Biden administration has said the effects are transitory and linked to parts of the economy that are rapidly reopening, some segments -- such as rent -- provide more long-lasting price pressure.

Price-increase fears are feeding into consumer sentiment, which declined to a five-month low in early July as expectations for inflation over the next year rose to the highest since 2008.

“Those increases have been driven by pandemic-effected sectors,” Bernstein said. “Longer-term expectations remain pretty solidly anchored below 3%.”

The inflation debate complicates Biden’s push for additional government spending, with the Senate Democrats’ $3.5 trillion infrastructure package already facing pushback.

Federal Reserve Chair Jerome Powell, whose four-year term expires in February, was confronted by policy makers Thursday about his own view that inflation is transitory. Powell defended the central bank’s continued support of the economy through $120 billion of monthly asset purchases and pledged to keep that up until the Fed sees “substantial further progress” on its employment and inflation goals.

At the same time, the surge in prices has surprised Fed officials, Powell said this week. It remains to be seen where inflation settles out once the acceleration in prices for hotel rooms, plane tickets, and other areas in high demand during the post-pandemic boom settle, he said.

Bernstein declined to comment on Powell’s future and performance thus far.

©2021 Bloomberg L.P.

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31-07-2021 18:56:16 (UTC+7)

EUR/USD

1.1871

-0.0015 (-0.13%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

EUR/USD

1.1871

-0.0015 (-0.13%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.3902

-0.0059 (-0.42%)

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Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (8)

USD/JPY

109.72

+0.26 (+0.24%)

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↑ Buy

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Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (1)

AUD/USD

0.7345

-0.0050 (-0.68%)

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Neutral

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USD/CAD

1.2472

+0.0028 (+0.23%)

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EUR/JPY

130.25

+0.13 (+0.10%)

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EUR/CHF

1.0751

-0.0021 (-0.19%)

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Gold Futures

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Silver Futures

25.547

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Copper Futures

4.4785

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Crude Oil WTI Futures

73.72

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Brent Oil Futures

75.14

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Natural Gas Futures

3.915

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US Coffee C Futures

180.38

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Euro Stoxx 50

4,089.30

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S&P 500

4,395.26

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DAX

15,544.39

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FTSE 100

7,032.30

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Hang Seng

25,908.00

-335.62 (-1.28%)

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US Small Cap 2000

2,223.25

-16.78 (-0.75%)

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IBEX 35

8,675.70

-110.60 (-1.26%)

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BASF SE NA O.N.

66.310

-0.535 (-0.80%)

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Bayer AG NA

50.36

-0.71 (-1.39%)

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Allianz SE VNA O.N.

210.35

-1.30 (-0.61%)

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Moving Avg:

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Adidas AG

306.85

-1.92 (-0.62%)

Summary

↑ Sell

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Buy (3)

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Deutsche Lufthansa AG

9.548

-0.332 (-3.36%)

Summary

Buy

Moving Avg:

Buy (8)

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Siemens AG Class N

131.82

-1.24 (-0.93%)

Summary

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Deutsche Bank AG

10.685

-0.170 (-1.57%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (5)

 EUR/USD1.1871↑ Sell
 GBP/USD1.3902Sell
 USD/JPY109.72↑ Buy
 AUD/USD0.7345Neutral
 USD/CAD1.2472↑ Buy
 EUR/JPY130.25↑ Buy
 EUR/CHF1.0751↑ Buy
 Gold1,812.30Neutral
 Silver25.547↑ Buy
 Copper4.4785Buy
 Crude Oil WTI73.72↑ Sell
 Brent Oil75.14↑ Buy
 Natural Gas3.915↑ Sell
 US Coffee C180.38Neutral
 Euro Stoxx 504,089.30↑ Sell
 S&P 5004,395.26Buy
 DAX15,544.39↑ Sell
 FTSE 1007,032.30↑ Sell
 Hang Seng25,908.00↑ Buy
 Small Cap 20002,223.25↑ Buy
 IBEX 358,675.70↑ Sell
 BASF66.310↑ Sell
 Bayer50.36↑ Sell
 Allianz210.35↑ Sell
 Adidas306.85↑ Sell
 Lufthansa9.548Buy
 Siemens AG131.82↑ Sell
 Deutsche Bank AG10.685Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,660/ 5,720
(0/ 0) # 643
SJC HCM5,655/ 5,725
(-15/ -15) # 688
SJC Hanoi5,655/ 5,727
(-15/ -15) # 690
SJC Danang5,655/ 5,727
(-15/ -15) # 690
SJC Nhatrang5,655/ 5,727
(-15/ -15) # 690
SJC Cantho5,655/ 5,727
(-15/ -15) # 690
Cập nhật 31-07-2021 18:56:18
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ↀ Giá vàng thế giới
$1,813.62-16.91-0.92%
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Sản phẩmVùng 1Vùng 2
RON 95-IV2178022210
RON 95-II,III2168022110
E5 RON 92-II2049020890
DO 0.05S1637016690
DO 0,001S-V1672017050
Dầu hỏa1539015690
ↂ Giá dầu thô thế giới
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.820,0023.050,00
EUR26.579,9627.963,10
GBP31.210,5432.514,30
JPY204,45215,17
KRW17,3221,09
Cập nhật lúc 18:51:26 31/07/2021
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