Biden: "Welcome Progress On Lowering Inflation"

US President Joe Biden has issued a statement on today's CPI report, noting that although, "prices are still too high," the report, "shows welcome progress on lowering inflation."

• Biden says that inflation, "which was zero on a monthly basis in May and is down nearly two-thirds from its peak. Core inflation is at its lowest level since April 2021, grocery prices have fallen for four months in a row, and gas prices are below $3.50 on average across the country. Wages are rising faster than prices, and unemployment has remained at or below 4% for the longest stretch in 50 years."
• Biden says that he is, "fighting to lower costs," namechecking White House policy pledges to build 2 million new homes, "take on Big Pharma", urge corporations to reduce price gouging and a plan to "inves[t] in affordable clean energy."
• Comes as Biden and former President Donald Trump tout their prospective 2025 business agendas this week. Trump will appear tomorrow at a Business Roundtable event in Washington, which Biden will skip due to G7 obligations.
• Treasury Secretary Janet Yellen will appear at the Economic Club of New York on Thursday to discuss, "Biden’s Investing in America Agenda and the ways the Administration is partnering with the private sector to spur growth across the country."
• Republican and Democrat lawmakers have also accelerated work on tax policy for implementation when Trump's first-term tax breaks expire in January 2025. More in today's edition of the MNI US Daily Brief.