(Gray News) – President Joe Biden will deliver remarks on inflation Tuesday as the White House looks to further address one of the key economic concerns for voters heading into November’s midterm elections.
The remarks come as the Federal Reserve has called inflation one of the biggest issues facing the global economy.
Russia’s war in Ukraine and surging inflation have supplanted the coronavirus pandemic as the top global financial threats, the Fed said Monday.
The remarks were issued in the Fed’s semiannual Financial Stability Report, which highlights areas of concern to central bankers.
In an effort to cool inflation, the Fed last week raised its key interest rate by a half-percentage point, with more rate hikes likely to come.
In addition, gas prices have soared to new highs, according to Gas Buddy.
Despite soaring prices, consumers are still spending, so economists don’t expect a recession anytime soon.
While U.S. stocks are falling, economic concerns are on the rise. (CNN, POOL, BEA.GOV)
Copyright 2022 Gray Media Group, Inc. All rights reserved. CNN Newsource and The Associated Press contributed to this report.
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