The hangover: Biden faces 8.6% inflation morning after Jan. 6 committee hearings

Those who went to bed after watching the prime-time Jan. 6 hearing woke up to the reality of another decades-high inflation report.

While the House committee aired out its findings on the Trump administration's handling of the Capitol riot Thursday night, the May inflation report was waiting for the Biden administration Friday morning, showing inflation at 8.6% for the 12 months ending in May — a 41-year high and a far cry from the Federal Reserve's target rate of 2%.

“It’s clear that inflation has become top of mind for the American people,” said Brookings Institution Senior Fellow Wiliam Galston. “They are not happy about the situation they find themselves in, where even rapidly increasing pay is not adequate to compensate them for the speed of the rise in prices.”
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