Biden made a rare statement: the start of interest rate cuts will be postponed for at least a month

Although the latest report shows that inflation remains high, US President Joe Biden said that he still expects the Federal Reserve to cut interest rates by the end of the year. Biden said Wednesday's report could delay the start of interest rate cuts by at least a month, but he wasn't sure how the Fed would ultimately act. The fact that the US core CPI exceeded expectations for three consecutive months dealt a new blow to Biden's re-election prospects, exacerbating voters' fears that Biden would be punished for high prices. But Biden has defended his economic policies while acknowledging stubborn inflation. "We've brought inflation down sharply from 9 percent to near 3 percent, and we're in a better position," Biden said. Traditionally, the White House does not usually comment on the Fed's decisions, and the president has previously pledged to respect the central bank's independence. But Biden said last month that he expected the Fed to cut interest rates.