According to Sarah Bedford of The Washington Examiner, President Joe Biden faces a tough challenge in changing voters’ opinions on the economy. Most people currently believe that the country is in a recession, with former President Donald Trump polling better than Biden on economic issues. With only four months left in his term and only one interest rate cut announced, it may be difficult for Biden to alter voters’ negative perceptions of the economy.
The Federal Reserve recently decided to maintain its rate target at 5.25% to 5.50%, and officials predict only one rate cut for the entire year. In 2021, the Federal Reserve did not increase interest rates, and it has now consecutively gone seven months without making any rate reductions. In May, inflation decreased by 0.2%, with an overall decrease of 2.2% for the year. Despite these changes, Biden may still struggle to convince voters that the economy is improving under his leadership.
