Biden Promotes Economic Plans as Fed Signals Ongoing High Rates

Federal Reserve Chair Powell said inflation is taking longer than expected to cool down, signaling interest rates will stay high for longer. This could prolong expensive borrowing costs.

High interest rates and housing costs are making homeownership unaffordable for many Americans. Over 50% of voters say housing affordability may impact who they vote for.

Biden visited Pennsylvania to speak about his economic plans, including a minimum tax on billionaires and a $10,000 tax credit for first-time homebuyers.

Biden said his plans around childcare access and housing affordability will grow the economy. High housing costs negatively impact how voters view the economy.

Prolonged high interest rates could stifle business investments, challenging economic growth. The Fed is committed to bringing down inflation over time.