Deputy Treasury Secretary Wally Adeyemo made a comment on the PCE prices statement on Friday’s Fox Business Network” Cavuto: Coast to Coast,” saying that foods companies need to go cost savings to consumers. They claim that inflation has decreased and that they anticipate it will continue to do so.
Adeyemo said, ]relevant notes begin around 1: 10]” Therefore, it’s important to remember where we’re coming from in order to understand where we’re going. And prices would have been much higher if it had been discussed a month and a half before, but thanks to the steps the President and the Fed have taken, inflation has decreased. Our assumption is that, over the course of the time, it will continue to come along. However, we are aware that there are more things we must do to lower British citizens ‘ spending, and the President has the first task to do so. That’s why he’s been focused on making sure that we reduce the cost of prescription drugs, when you look at what we’ve done with insulin, and he’s called on Congress to expand that by making sure that, for all Americans, they do n’t have to pay more than$ 2, 000 for prescription drugs a year going forward. There are a number of ways the President wants to take in terms of creating more cover to lower the cost of accommodation and to increase the supply of goods in the economy to reduce costs for Americans, and that’s what we’re focused on right now.
Guest number Edward Lawrence next asked,” But that’s all for a small group of Americans, bringing prices down. Since President Biden came into office, food prices, for example, are up 21 % and the average hourly wages are down 2.5 %, that’s from January of 2021. But, now we’re seeing prices go up repeatedly and GDP slowing. But, is this the start of downturn”?
Adeyemo answered,” No. When you look at earnings, earnings are growing faster than prices, and when you look at food prices, those have likewise stabilized. And what we are aware of is that type prices are decreasing. So, one of the things the President’s called on companies to do is to pass those cost decrease]s ] …to the American people”.
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