White House economic adviser Cecilia Rouse said on Sunday that Federal Reserve interest rate hikes were starting to cool the "red-hot" U.S. economy, especially labor and housing markets, but inflation was still too high.
Rouse, who chairs the White House Council of Economic Advisers, told CNN that the Biden administration would work to bring costs down "to the best of our abilities". But some inflation is related to energy price spikes prompted by the war in Ukraine, she said.
