Show an ad over header. AMP

I am the FIRST

Biden pushes back on inflation fears: "These disruptions are temporary"

"Our experts believe and the data shows that most of the price increases we've seen were expected and are expected to be temporary," President Biden said at the White House Monday, pushing back against fears of persistent inflation.

Why it matters: The White House, which has argued that inflation issues are short-term, is concerned that fears of rising prices could derail Biden's legislative agenda, which includes massive spending packages.


  • Prices for many goods and services have increased at higher-than-expected levels in recent months, contributing to fears of long-term price hikes.
  • Republicans have have cited rising prices to rally against Biden's $1.9 trillion coronavirus relief bill and his proposed infrastructure plan.

What they're saying: "Look, we brought this economy back from the brink," Biden said. "There are going to be ups and downs."

  • "Reality is you can't flip the global economic light back on and not expect this to happen. As demand returns, there's going to be global supply chain challenges," he added.
  • "That's a real challenge. My administration is doing everything we can to address it. But, again, these disruptions are temporary."
  • "I want to be clear. My administration understands if we were to experience unchecked inflation over the long-term, that would pose a real challenge to our economy. So, while we're confident that isn't what we're seeing today, we're going to remain vigilant about any response that is needed."

Federal Reserve Chair Jerome Powell and his colleagues have said for months that the inflation was "transitory," caused by the country emerging from the coronavirus pandemic.

  • The bond market is also signaling that investors believe elevated levels of inflation will be transitory.

Yes, but: Powell told the Senate Banking Committee last week that he believes the country is experiencing an uptick in inflation "bigger than many expected."

  • CEOs of major corporations have also warned that they believe the inflation is not temporary and may raise the prices they charge.

4 ffp

Why the startup world needs to ditch "unicorns" for "dragons"

When Aileen Lee originally coined the term "unicorn" in late 2013, she was describing the 39 "U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors."

Flashback: It got redefined in early 2015 by yours truly and Erin Griffith, in a cover story for Fortune, as any privately-held startup valued at $1 billion or more. At the time, we counted 80 of them.

Keep reading... Show less

Scoop: Facebook's new moves to lower News Feed's political volume

Facebook plans to announce that it will de-emphasize political posts and current events content in the News Feed based on negative user feedback, Axios has learned. It also plans to expand tests to limit the amount of political content that people see in their News Feeds to more countries outside of the U.S.

Why it matters: The changes could reduce traffic to some news publishers, particularly companies that post a lot of political content.

Keep reading... Show less

Scoop: Amazon quietly getting into live audio business

Amazon is investing heavily in a new live audio feature that's similar to other live audio offerings like Clubhouse, Twitter Spaces and Spotify's new live audio platform, sources tell Axios.

Why it matters: As with Amazon's efforts in podcasting and music subscriptions, the company sees live audio as a way to bolster the types of content it can offer through its voice assistant, Alexa, and its smart speaker products.

Keep reading... Show less

Hurricane Ida exposes America's precarious energy infrastructure

The powerful hurricane that plunged New Orleans into darkness for what could be weeks is the latest sign that U.S. power systems are not ready for a warmer, more volatile world.

The big picture: “Our current infrastructure is not adequate when it comes to these kinds of weather extremes,” Joshua Rhodes, a University of Texas energy expert, tells Axios.

Keep reading... Show less

"We must go further": 70% of adults in European Union are fully vaccinated

About 70% of adults in the European Union are fully vaccinated against COVID-19, Ursula von der Leyen, the president of the European Commission, said Tuesday.

Why it matters: The milestone makes the E.U. one of the world's leaders in inoculations, after an initially lagging vaccine campaign, the New York Times notes.

Keep reading... Show less

What Elizabeth Holmes jurors will be asked ahead of fraud trial

Jury selection begins today in USA v. Elizabeth Holmes, with the actual jury trial to get underway on Sept. 8.

Why it matters: Theranos was the biggest fraud in Silicon Valley history, putting both hundreds of millions of dollars and thousands of patients' health at risk.

Keep reading... Show less

Insights

mail-copy

Get Goodhumans in your inbox

Most Read

More Stories