CNN cuts away from Biden inflation reduction party as stocks plunge

CNN anchors called out President Biden on Tuesday while the network aired a shocking image that showed the commander-in-chief celebrating the passage of the Inflation Reduction Act, even as the The stock market also fell.

Republicans attacked the Biden administration for throwing a party on the South Lawn of the White House, complete with a performance by folk rocker James Taylor, the same day federal data showed inflation was 8.3% higher than expected in August.

CNN aired an excerpt from Biden’s speech before cutting, in which both anchors Alisin Camerota and Victor Blackwell questioned the timing of the incident.

Camerota said on footage of Biden’s speech in White, “It’s just this unfortunate split screen right now, with the Dow taking the Dow down over 1,200 points overall, so it looks like it’s hard for some in the crowd to celebrate. ” House’s widely banned phenomenon.

The stock posted its worst day since June 2020 as investors reacted to disappointing inflation data. The Dow Jones Industrial Average fell nearly 1,300 points, while the tech-heavy Nasdaq fell more than 5% and the S&P 500 fell more than 4%.

“This is the day the White House celebrates the Inflation Reduction Act, when we get a new report that shows inflation is still particularly high,” Blackwell said. “And what we’re seeing on Wall Street is a response to anticipation of what’s coming from the Fed.”

Mediaite previously covered the CNN segment.

Investors are currently pricing in a 68% chance that the Fed will raise its benchmark rate by three-quarters of a percentage point at next week’s meeting. Additionally, they see a 32% chance of a full-point rise, after seeing a 0% chance of such an aggressive move the day before.

The August Consumer Price Index showed a higher than expected 6.3% rise in core inflation, excluding volatile food and energy costs. The CPI’s food index rose by 11.4%, the biggest year-on-year increase since May 1979.

Biden underestimated the latest inflation data, arguing that the results show “progress” and that prices have been “essentially flat” over the past two months.

President Biden has faced criticism from Republicans over the timing of his party.
Getty Images

Speaking at the White House, Biden touted the Inflation Reduction Act as a transformative piece of legislation – although independent analysis by the University of Pennsylvania’s Penn Wharton Budget Model and others showed that the law is not expected to reduce prices.

“Today is proof that America’s spirit is alive. America’s future is bright and America’s promise is real,” Biden said.

Source link