President Biden speaks on the economy at convention in Philadelphia

CNN– President Joe Biden is reassuring Americans that tackling the worst inflation the nation has seen in decades remains a top priority for his administration. He expressed optimism at a Philadelphia convention Tuesday.

“The bottom line is this: I truly believe we’ve made extraordinary progress by laying a new foundation for our economy, which becomes clear once global inflation become begins to recede, there’s so much at stake, but the truth is I’ve never been more optimistic about America than I am today,” said the president.

In May, the Fed boosted rates by a half-point, something the agency hadn’t done in more than two decades. At that time, Fed Chair Jerome Powell said additional hikes were likely to continue until officials felt inflation was at an appropriate level.

Some economic analysts are predicting another three-quarters-of-a-point increase next month.