The market bounced back so much?

President Joe Biden speaks to the media during his visit to Indonesia on Nov. 16.
President Joe Biden speaks to the media during his visit to Indonesia on Nov. 16. (Saul Loeb/AFP/Getty Images)

As the Biden administration prepares to celebrate history on the South Lawn, already inside the White House are the biggest news stories of the day. CPI data provided the latest evidence that inflation is cooling, with clear positive signs both year-on-year and quarter-over-quarter.

president biden In a White House speech Tuesday morning, he called the latest data “good news,” expressing cautious optimism that the government’s most important economic problem is starting to show clear signs of easing.

The numbers “give us reason to be optimistic about the holidays and the year ahead,” Biden said. Still, the president acknowledged that prices “are still too high,” saying it will “still take time” for levels to return to normal.

But Biden pointed to lower gas and food prices as a sign the economy is “moving in the right direction.”

Biden acknowledged that “it will take time to get inflation back to normal levels” as he warned “there may be setbacks along the way.”The president later told reporters that he hoped prices would stabilize “by the end of next year,” but warned, “I can’t make that prediction.” Still, he asserted that he was “sure [prices are] It will not go up again.”

White House officials acknowledge that there is still a long way to go — and that inflation remains at historically high levels. But the new data came on the heels of a string of positive economic news and on a day when the Federal Reserve was expected to trigger more rate hikes, marking a strong data point that broad-based price gains were beginning to decelerate on a concrete basis.

White House officials were particularly encouraged by the fact that Tuesday’s November CPI report marked U.S. inflation falls for fifth straight month.

That comes as officials in recent weeks have been encouraged by several areas where they have seen price slowdowns, including gasoline, auto and airline prices.While no White House official would say publicly that they believe inflation has peaked, the White House believes that the current cautious optimism is warranted given other signs of progress in the economy, including continued strength in the labor market and strong GDP growth

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