At a press briefing on Thursday, Deese claimed that emerging inflation reports, like the Consumer Price Index, use backward data and could be taken out of context. A reporter then asked Deese if he could shed light on what to expect with inflation moving forward, however, no concrete answer was given.
This came after Federal Reserve chairman Jerome Powell said transitory is no longer an accurate way to describe inflation and warned factors pushing inflation up could linger well into next year.
“What we believe is that price increases elevated the level that we are seeing, hit American families and their pocket books and we need to do everything that we can to address those directly,” said the economic adviser.
