Watch live: Biden addresses inflation, economic growth and jobs

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May 4 (UPI) — President Joe Biden will speak on economic growth, jobs and deficit reduction on Wednesday, just hours before the Federal Reserve is expected to make a significant rate hike to control inflation.

The Fed ends its two-day policy meeting on Wednesday afternoon and is widely expected by most analysts to make a half-point or three-quarter-point interest rate hike — a standard move to get a handle on rising prices.

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Biden was scheduled to deliver his remarks at 11 a.m. EDT.

The Fed last increased rates in March by a quarter-point for the first time since 2018. That followed two years of rate decreases and emergency actions to counter the COVID-19 crisis.

Earlier Wednesday, ADP and Moody’s Analytics reported that the U.S. economy added almost 250,000 private jobs in April, missing expectations by about 130,000 hirings.

Most of the new jobs were created among larger companies and small businesses on the whole lost jobs last month.

The Labor Department will issue its April jobs report on Friday. Most economists expect that survey to show about 385,000 new hirings last month.

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Vice President Kamala Harris delivers remarks at the We Are Emily National Conference on Tuesday. Photo by Yuri Gripas/UPI | License Photo