President Joe Biden is scheduled to hold a meeting with chief executive officers from prominent American companies, including IBM and Target, to discuss the state of the U.S. economy. This meeting comes as the Biden administration continues its efforts to address persistent inflation.
Fostering Opportunities for Businesses and Workers
According to the White House, President Biden aims to gain insights from these CEOs regarding the current economic landscape. He also plans to emphasize how his policies are advancing opportunities for both businesses and workers. The CEOs represent a diverse range of industries, including construction, manufacturing, clean energy, finance, and retail.
The executives set to meet with President Biden at the White House at 4:30 p.m. Eastern include:
Brendan Bechtel, CEO and chairman of Bechtel Corporation.
Calvin Butler, CEO of Exelon.
Kenneth Chenault, chairman and managing director of General Catalyst.
Arvind Krishna, CEO and chairman of IBM.
Judy Marks, CEO and president of Otis Worldwide.
Brian Cornell, CEO and chair of Target.
Thasunda Brown Duckett, CEO and president of TIAA.
Impact on Stock Market
On Thursday morning, U.S. stocks experienced a slight decline. The market’s four-session winning streak was disrupted following the release of an inflation report that exceeded expectations.
Surging Consumer Prices
The inflation report revealed a 0.4% rise in U.S. consumer prices for September, surpassing the forecasted 0.3% increase. The yearly inflation rate remained steady at 3.7% for the 12-month period ending in September.
Addressing Inflation Concerns
In response to the latest Consumer Price Index (CPI) reading, President Biden commented on the easing inflation situation. He stated, “Overall inflation has decreased by 60% since reaching its peak. During this time, unemployment has consistently stayed below 4% for 20 consecutive months, while the percentage of working-age Americans in the workforce has reached its highest level in two decades. This demonstrates Bidenomics in action.”