Tuesday's economic report - inflation at 8.3% year-to-year, though just 0.1%. from July to August - was a harsh reminder of how difficult it might be to hit the Federal Reserve's inflation target of 2% a year.
President Joe Biden gathered a crowd of thousands at the White House Tuesday to celebrate last month's passage of the Inflation Reduction Act, even as a new government report showed how hard it could be to bring surging prices down near prepandemic levels. Even as gasoline prices have declined since June, the costs of housing and food remain especially high in a way that suggests further Fed rate hikes and more economic pain to bring down prices.
"Bringing back home our supply chains in the area, semiconductors and pharmaceuticals and medical equipment and life-saving pharmaceuticals, and products. That's what's going to bring down inflation," added Fitzpatrick.&P 500 down more than 4.3% on Tuesday. The legislation, which passed with only Democratic votes in Congress, also included the most substantial federal investment in history to fight climate change - some $375 billion over a decade - and will cap prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients. It also would help an estimated 13 million Americans pay for health care insurance by extending subsidies provided during the coronavirus pandemic.
The law may help lower prescription drug prices, but outside analyses suggest it will do little to immediately bring down overall inflation. Last month, the nonpartisan Congressional Budget Office judged it would have a "negligible" effect on prices through 2023. The University of Pennsylvania's Penn Wharton Budget Model went even further to say "the impact on inflation is statistically indistinguishable from zero" over the next decade.
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