© Reuters. FILE PHOTO – White House Council of Economic Advisers Chairwoman Cecilia Rouse participates in a panel discussion at the annual Freedman’s Banking Forum at the Treasury Department in Washington, U.S., October 4, 2022. REUTERS/Michael A. McCoy
WASHINGTON (Reuters) – White House economic adviser Cecilia Rouse said on Sunday that the Federal Reserve’s (Fed) interest rate hikes are starting to cool the “red fire” US economy, especially the market. labor and housing markets, but inflation remains too high.
Rouse, chairman of the White House Council of Economic Advisers, told CNN the Biden administration will work to reduce costs “to the best of our ability.” But some of the inflation has been linked to the spike in energy prices caused by the war in Ukraine, she said.