Biden adviser grumbles

Jared Bernstein, member of the White House Economic Council and adviser to the President of the United States, noted that the US authorities still have a lot to do due to uncomfortably high inflation rates.

“Prices are still uncomfortably high. We still have a lot of work to do,” the US official grumbled in an interview with the US Fox News channel.

Bernstein also pointed out that the policy of the US Federal Reserve System (central bank) to raise interest rates has already led to a slowdown in the consumer price index, including in the real estate market.

A Biden adviser said: “The Federal Reserve is raising interest rates to ease inflationary pressures, as it should have done. This calms the overheated real estate market.”

In August last year, annual inflation in the US slowed to 8.3%, but the result was higher than analysts’ expectations, which indicated 8.1%.

And in early September, US Federal Reserve Chairman Jerome Powell confirmed that the reserve would continue an active policy aimed at reducing inflation until it reaches the target level of 2%.

On the other hand, analyst Alexander Nazarov pointed out in a post on his channel in the Telegram application that the cost of loans and servicing these loans (bank interest) increases with rising interest rates in the United States.

Source: RIA Novosti

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