Bidenflation is so bad that the Federal Reserve has decided it will not cut interest rates this summer like it had planned.

They released a statement today and said that instead of three rate cuts this year, there would only be one toward the end of the year because of “the persistence of elevated inflation.”

Here’s more from Newsmax:

The Federal Reserve Wednesday emphasized that inflation has remained stubbornly high in recent months and said it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are slowing sustainably to its 2% target.

The Fed issued its decision in a statement after its latest meeting, at which it kept its key rate at a two-decade high of 5.3%. Several hotter-than-expected reports on prices and economic growth have recently undercut the Fed’s belief that inflation was steadily easing. The combination of high interest rates and persistent inflation has also emerged as a potential threat to President Joe Biden’s re-election bid.