White House’s Brainard says corporate profits remain elevated

By Thomson Reuters Mar 28, 2024 | 12:19 PM

WASHINGTON (Reuters) – White House National Economic Adviser Lael Brainard said on Thursday corporate profits remain elevated, after U.S. consumer sentiment rose unexpectedly in March to the highest in nearly three years on hopes inflation will keep softening.

Brainard said the Biden administration still has work to do to lower costs – a high priority as President Joe Biden grapples with voter attitudes about stubbornly high prices and mounting housing costs.

“We have more work to do to lower costs for American families … with corporate profits still elevated, President Biden will continue to call on companies to pass their savings on to consumers,” she said.

(Reporting by Nandita Bose in Washington; editing by Jonathan Oatis)