White House spokesman Kush Desai called the Fed's rate increase "regrettable," saying the president has been clear on his preferred rate path and that, from the government's perspective, the decision lacks particularly persuasive economic justification. Desai added "this is not the Biden era," arguing the president and Republicans did not deploy the trillions in COVID-era stimulus that Democrats and Joe Biden did and therefore there is no runaway aggregate demand that would need to be reined in

White House spokesman Kush Desai called the Fed's rate increase "regrettable," saying the president has been clear on his preferred rate path and that, from the government's perspective, the decision lacks particularly persuasive economic justification. Desai added "this is not the Biden era," arguing the president and Republicans did not deploy the trillions in COVID-era stimulus that Democrats and Joe Biden did and therefore there is no runaway aggregate demand that would need to be reined in by higher rates.