The White House maintained on Monday that Americans are well equipped to deal with current economic hurdles -- including US stocks plunging into a bear market -- because of President Joe Biden's efforts in office.
When asked the White House's reaction to the falling stock market, including all the gains made since Biden took office last year being wiped out, press secretary Karine Jean-Pierre said the White House is watching the situation closely."We know families are concerned about inflation and the stock market.
At that point, the Fed would resume standard quarter-point hikes, he said.But after May's hotter-than-expected inflation report, Wall Street is increasingly calling for tougher action from the Fed to keep prices under control.Pressed on the effect prospective retirees may be feeling as a result of the plunges to in the value of their 401k, Jean-Pierre said,"We know that high prices are having a real effect on peoples' lives.
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