White House chief economic adviser and director of the National Economic Council (NEC), Lael Brainard, said that inflation is expected to ease, driving the consumer confidence index in March to a nearly three-year high, which will help blue-chip companies in the US stock market maintain a strong profit performance.
Brainard pointed out that the final value of the University of Michigan's consumer confidence index in March rose, performing better than expected, reflecting that the easing of inflation has helped people boost their consumption confidence. However, the Biden administration still needs to work hard to seek to reduce the cost of living for the people. Brainard believes that the phenomenon of significant increase in corporate profits shows that the US government must be committed to enabling enterprises to give back a portion of their profits to consumers.
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