Trump to Sign Inflation Memorandum, Direct Cabinet in All-of-Government Approach

Jan 20, 2025, 02:12 PM

Incoming White House officials have announced that President Donald Trump will sign a presidential memorandum addressing inflation as one of his first acts in office. The memorandum is expected to outline an all-of-government approach to combating inflation, which has been a persistent economic challenge in recent years. Inflation peaked at over 9% during the previous administration and remains above the Federal Reserve’s 2% target, with December inflation recorded at 2.9%. While specific measures in the memorandum have not been disclosed, officials emphasized that addressing inflation is a top priority for the Trump administration. Trump also stated that he will direct his cabinet to defeat record inflation. Additionally, there is no specific target for oil prices as part of this initiative.