On 9/23/2022, during White House press briefing, White House Press Secretary Karine Jean-Pierre said the US economy is in a transition to a more steady growth, “What we are seeing…is a transition to a more steady and stable growth, and that’s what we’re currently seeing,” Karine Jean-Pierre said.

Edward Lawrence, a White House Correspondent for FOX Business, asked Jean-Pierre,
Reporter: “So, the [Fed] is saying…the economy will…slow down to growing just 0.2% for the entirety of this year and…1.2% for next year. Is this the stable growth [Biden] is moving us toward?”

Jean-Pierre: “[W]e’re coming off of last year’s historic economic growth”

Reporter: “Americans are making tough choices related to inflation…Last week, they saw [Biden] do the celebration…when core inflation for the 1st time in 5 months…This week, there’s another…after the Fed chairman said there’d be more economic pain.”

Jean-Pierre: “So, the President has always, when he talked about the economy, has made clear to understand what the American families are going through…He understands that…inflation…is giving some pain…That is why we passed…Inflation Reduction Act…It is going to lower costs.”

The US is currently in a recession after two back-to-back quarters of negative GDP growth. The Atlanta Fed predicted the GDP will have NEGATIVE growth for the third straight quarter this year. The Federal Reserve on Wednesday raised interest rates by another 75 basis points – or 0.75% to fight inflation. The fed funds rate is now in the range of 3% to 3.25% – the highest since 2008.

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Market Tanks？ WH: What We Are Seeing Is a Transition to a More Steady & Stable Growth Amid Recession & Rate Hikes