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Biden's manufacturing industry is expanding. That could be bad forxa0inflation

·1 min

American manufacturers experienced expansion in March for the first time in 16 months, according to the Institute for Supply Management. This resurgence could complicate the Federal Reserve’s fight against inflation, potentially delaying or reducing interest rate cuts. The US manufacturing sector’s purchasing managers index rose to a reading of 50.3, indicating expansion. President Joe Biden’s approval of major spending packages allows manufacturers to invest in new factories. Despite this, some Fed officials advocate for patience and maintaining current interest rates until there is more evidence of inflation reaching the target goal.