The Biden administration is already in damage control mode ahead of the newest inflation data out this week that is expected to show another jaw-dropping figure as the price for a bevy of everyday consumer goods soared higher.
-induced disruptions in the economy, while Republicans have pinned it on the president's massive spending agenda.
The latest data will also have implications for the Federal Reserve ahead of its March meeting. Chairman Jerome Powell has signaled that policymakers will raise interest rates from rock-bottom levels as early as next month. The only question now is whether it will be a quarter-basis point hike or larger. A hotter-than-expected reading on Thursday morning could pressure the Fed to consider its first half percentage-point increase since 2000.Psaki said the president supports any decisions by the Fed to begin raising rates, even though doing so risks slowing the economy.
"The president has said he welcomes and supports [The Fed's] efforts to take steps with their plans in terms of our confidence," Psaki said. "We, again, rely on what their projections are that inflation will come down, that it will moderate, and we are also continuing to take steps to continue to grow the economy and continue to address the needs that the American people have in the economy.
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