President Biden, speaking with reporters, July 19:
Q Yes, thank you, Mr. President. At what point would you consider inflation unchecked to a point at which you would either consider taking action or you would want to see the Fed take action?
THE PRESIDENT: Yeah. There’s nobody suggesting there’s unchecked inflation on the way — no serious economist. That’s totally different.
The Associated Press: “Inflation at the wholesale level rose 8.6 percent last month from a year earlier, matching September’s record annual gain and offering more evidence that inflationary pressures are not yet easing.”