Biden warns inflation 'is going to take time to recede' as UK enters recession

US President Joe Biden cautioned on Friday that "it is going to take time" for inflation to recede, but he offered fresh assurance that legislation he signed earlier this year will soon help limit costs for health care and energy. He made remarks while meeting with business and labour leaders in his first public event since returning from an around--world trip to Egypt, Cambodia and Indonesia.

Biden has been encourd by Democrats' stronger-than-expected performance in midterm elections, but he could be entering a perilous stretch when it comes to ecomy. White House has emphasised a strong jobs market to try to allay concerns about a potential recession. However, Federal Reserve continues to try to slow ecomic growth by raising interest rates to battle inflation.

It is a delicate situation that Biden will be navigating amid turver in his ecomic team. Cecilia Rouse, a labour ecomist who became first Black woman to lead Council of Ecomic Advisers, will leave administration in spring, according to a White House official.

She is expected to return to Princeton University, where she has been on academic leave. official was t authorised to publicly discuss personnel changes and spoke on condition of anymity. pending departure comes as Biden's term reaches its halfway point, often a time of transition for a presidential administration.

Bloomberg was first to report Rouse's planned departure, and it said Brian Deese, director of Biden's National Ecomic Council, plans to depart next year. official said re was timeline for Deese to leave. Ar key member of Biden's ecomic team, Treasury Secretary Janet Yellen, has said she wants to remain in administration.

"I plan to stay," she told MSNBC last month. "I am very excited about president's ecomic programme. re is a lot to implement." re was additional turver in Biden administration earlier this month when Chris Magnus, head of US Customs and Border Protection, was forced out of his job. Immigration authorities have struggled to man flow of migrants toward United States' border with Mexico, a frequent point of criticism from Republicans.

At Friday's event, Biden said his trip overseas showed " United States is as well or better positioned as any nation in world to lead world on ecomy in years ahead". He conceded that "it is going to take time to get inflation back down to rmal levels". However, he said that "in six short weeks, Americans are going to start to feel effects of Inflation Reduction Act", massive legislation that he signed in August.

He said law's provision to limit to USD 35 cost of insulin for seniors on Medicare begins on January 1. Thousands of dollars in tax credits also will become available to help make homes more energy efficient with new windows, solar panels or heat pumps.

"We are talking about real money.... And it is just going to start kicking in w," Biden said. focus on ecomy could serve as a contrast to Republicans' nda in House, where y just won a narrow majority and have planned sweeping investigations into president, his family and his administration. (AP) RC