Inflation Will Move Back Toward Target in 2024, White House Advisor Says
10 hr 36 min ago
A chief economic adviser to the White House said he expects the rate of inflation to gradually lower over the year, though he warned that the path back to the 2% inflation target wouldn’t be easy.
The forces that brought inflation down in 2023 were “still in play,” said White House Council of Economic Advisers Chair Jared Bernstein Tuesday. Because of those forces, he expects price pressures will cool off later this year after surging in early 2024, he said.
“The road back to the target should get underway in the remaining quarters this year, and it will really be bumpy and nonlinear,” Bernstein told the Economic Club of New York in remarks today.
Bernstein said the disinflationary trend of 2023 was mostly driven by an “unsnarling” of supply chains.
In his remarks,…
