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"Bidenomics" Puts White House At Odds With Fed

US

US President Joe Biden will tomorrow continue his drive to outline how, "Bidenomics" - his jobs based, industrial focused, economic policy, can translate to votes in 2024 but the centrality of jobs growth may put the White House at odd with a hawkish Fed.

  • Biden said at the White House yesterday: “By investing in America, we are delivering results. More than 13 million jobs created since I took office.”
  • Two of Biden’s advisors have circulated a memo describing “Bidenomics” and laying out the blueprint for the 2024 Democrat general election campaign. They write: “Bidenomics Is Working: The President’s economic strategy has powered the strongest recovery of any major economy in the world... This progress wasn’t inevitable or an accident—it has been a direct result of Bidenomics.”
  • Biden will continue this message in a speech on the economy in Chicago tomorrow but the NYT notes that, "Hours before the president steps to the microphone in Chicago, the Fed chair Jay Powell will engage with other central bankers in a panel discussion in Portugal on a topic that’s been weighing on the markets: how further interest rate increases are probably needed to bring down stubbornly high inflation."
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