President Joe Biden cautioned on Friday that “it's going to take time” for inflation to recede, but he offered fresh assurance that legislation he signed earlier this year will soon help limit costs for health care and energy.

He made the remarks while meeting with business and labor leaders in his first public event since returning from an around-the-world trip to Egypt, Cambodia and Indonesia. Biden has been encouraged by the Democrats’ stronger-than-expected performance in the midterm elections, but he could be entering a perilous stretch when it comes to the economy.

The White House has emphasized a strong jobs market to try to allay concerns about a potential recession. However, the Federal Reserve continues to try to slow economic growth by raising interest rates to battle inflation. It’s a delicate situation that Biden will be navigating amid turnover in his economic team.

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