Biden Predicts Slower Progress On Inflation, Potential Fed Rate Cut Delay

Inflation is not cooling as fast as Biden hoped, jeopardizing his prediction of Fed rate cuts before November
Consumer prices rose faster than expected in latest data, causing investors to recalibrate expectations for rate cuts
Biden reiterated that fighting inflation is his top priority and stood by his prediction of a rate cut this year
Biden suggested the new data may delay a rate cut "a month or so" but said the economy is better off than when he entered office
Biden contrasted his administration's plan to curb inflation with Republicans' focus on tax cuts for the wealthy