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White House denies Biden is at fault for inflation
Possible that inflation has peaked: Ryan Payne
Former editor and publisher of The Gartman Letter Dennis Gartman, Payne Capital Management President Ryan Payne and Morgan Stanley Wealth Management senior vice president Jim Lacamp discuss markets and the economy.
The White House Tuesday declined to say President Biden's policies are responsible for the high inflation that has materialized under his watch.
The comments were made by National Economic Council Director Brian Deese and White House press secretary Karine Jean-Pierre after the White House last year predicted inflation would be transitory. Now, Americans face some of the highest inflation in 40 years.
"His policies has helped the economy get back on its feet. That's what his policy has, his policies has done," Jean-Pierre said in response to a question from Fox News' Peter Doocy about if Biden takes any responsibility for inflation. "When we talk about the gas prices right now, this is indeed Putin's gas hike… We have seen about 60% increase in the past several months because of the amassing and his invasion of Ukraine."
Deese argued that an expected move by the president to forgive student loan debt would make a "quite small" contribution to inflation.