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Biden to Speak on Economy on Tuesday With Fed Decision Looming

White House economic adviser Brian Deese, interviewed earlier on “Fox News Sunday,” declined to comment on the timing and substance of Biden’s Fed announcement.
White House spokeswoman Jennifer Psaki said Friday that Biden “expects to make a decision” on the Fed chair and, “I expect we’ll have more to share in advance of his departure” for Thanksgiving.
Inflation has emerged as a political burden for Biden as gasoline prices that Americans pay at the pump hit a seven-years high this month. While blaming OPEC countries for the surge, the administration has said it’s evaluating all tools to quell rising energy prices, including tapping U.S. crude reserves.
Biden has sought to build international support for using oil-consumer countries’ crude stockpiles to bring down prices.
On Saturday, Japanese Prime Minister Fumio Kishida said his country is considering releasing oil from its strategic stockpiles, potentially joining China and the U.S. in a coordinated effort to drive down oil prices. That follows a rebuff by the OPEC+ cartel of Biden’s call to increase oil production more quickly.
Japan and the U.S. may make a joint announcement on the release of oil reserves as soon as this week, the Yomiuri newspaper reported.
Source: Bloomberg Business News