US President Joe Biden. Source: Reuters
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  • Ahead of today’s release of US inflation data, President Joe Biden has asserted his commitment to taming inflation
  • The country will release the consumer price index today, with analysts expecting a pullback in monthly growth to 0.2 per cent
  • Inflation has been in focus recently, as it sparks the need for tighter monetary policy, which many believe may tip the economy into a recession
  • Last month, the Federal Reserve indicated a hike of 75 basis point would not happen, but investors believe it is still on the table, shying away from risk

Ahead of today’s release of US inflation data, President Joe Biden has asserted his commitment to taming inflation.

“I know that families all across America are hurting because of inflation,” he said.

“I want every American to know that I am taking inflation very seriously and it is my top domestic priority.”

The country will release the consumer price index today, with analysts expecting a pullback in monthly growth to 0.2 per cent.

Inflation has been in focus recently, as it sparks the need for tighter monetary policy, which many believe may tip the economy into a recession.

Adding to the price pressures is the war in Ukraine, which has caused prices to spike on supply chain disruptions.

Last month, the Federal Reserve indicated a hike of 75 basis point would not happen, but investors believe it is still on the table, shying away from risk.

However, the Central Bank has flagged the need for a series of additional 50 basis point hikes in the future. It’s next meeting is scheduled for June 15.

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