President Joe Biden says he can’t guarantee that his administration will be able to get rid of inflation. During a press conference, he was asked what he can “promise concretely in these next two years that will help turn the pocketbook for the better in the midst of staving off a recession.” His response, in part, said, “…What I can’t do is, I can’t guarantee that we’re going to be able to get rid of inflation,” Biden said. “But I do think we can. We’ve already brought down the price of gasoline [by] about a dollar a gallon across the board.” In other news, gold prices are up following recent inflation numbers.
Fox Business Insider/Adam Sabes
Biden says there’s no ‘guarantee’ country will ‘get rid of inflation’
President Biden said during a press conference on Wednesday that he can’t “guarantee” his administration will be able to get rid of the country’s inflation issue.
Biden was responding to a reporter’s question asking what he can “promise concretely in these next two years that will help turn the pocketbook for the better in the midst of staving off a recession.”
“And so, but what I can’t do is, I can’t guarantee that we’re going to be able to get rid of inflation,” Biden said. “But I do think we can, we’ve already brought down the price of gasoline about a dollar a gallon across the board.”
He went on to say that oil companies “are really doing the nation a real disservice.”
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Kitco News/Neils Christensen
Gold prices jump 1% as U.S. CPI rises 7.7% for the year in October
Gold prices are on the move, jumping 1% immediately following weaker-than-expected inflation numbers.
Thursday, the U.S. Labor Department said its much-anticipated Consumer Price Index rose 0.4% last month after a 0.4% rise in September. Economists were looking for an increase of 0.6%.
For the year, inflation pressures rose 7.7%, significantly below expectations for a 7.9% rise. In September, annual inflation was 8.2%.
“This was the smallest 12-month increase since the period ending January 2022,” the report said.
The gold market is seeing a jolt of new momentum as the weak inflation data is shifting expectations for U.S. monetary policy. December gold futures last traded at $1,730.50 an ounce, up nearly 1% on the day.
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‘Attractive risk-reward’: Gold to rally by a double-digit percentage in 2023, UBS says
Gold is down 18% since March, but UBS says it has major upside looking ahead and recommends investors go long on the precious metal.
Rising interest rates and a strong dollar have left gold in the dust this year.Comment Now! It’s official.Brogues A must-have that adds a masculine touch, this season brogues are like a soft vintage meets casual.Kia EV6 , but does a bit better than the BMW i4 and the fact that it’s a hatchback grants it greater flexibility than the Tesla Model 3.
But UBS forecasts a rebound in prices for the precious metal, saying it will rise 13% by next winter. Gold has traditionally been considered an inflation hedge.
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