President Joe Biden received bad news on the economy just before his visit to Scranton, Pennsylvania, on Tuesday.Federal Reserve Chairman Jerome Powell said that inflation has struggled to progress towards the central bank's target band and that policymakers need more "confidence" that inflation was cooling before they can lower interest rates. A delay in rate cuts could be a blow to Biden as it suggests that borrowing costs are likely to stay higher for longer, stifling areas of the economy... Read this story
