Biden administration officials are insisting that the recent inflation spike will be temporary, but political challenges are already emerging from the historically high price levels that have yet to show any signs of receding.
Inflationary speed bumps are hitting the economy as it recovers from the coronavirus pandemic, causing anxiety in the business community and prompting Republicans to reposition themselves as the fiscally responsible party heading into a debt ceiling fight.
Federal Reserve officials say they’re now expecting inflation to rise 3.4 percent in 2021, compared with 2.4 percent just two months ago. They also raised their economic growth forecast for the year to 7 percent, from 6.5 percent in March.
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