Biden to meet on U.S. economy with CEOs from IBM, Target, other companies

By Victor Reklaitis

President Joe Biden on Thursday is slated to talk about the U.S. economy with chief executive officers from large U.S. companies such as IBM and Target, with the meeting coming as his administration continues to deal with persistent inflation.

Biden plans to hear the CEOs' perspectives on the economy and highlight how his policies are creating opportunities for businesses and workers, according to the White House. The executives represent a range of industries, including construction, manufacturing, clean energy, finance and retail.

The execs due to meet with the president at the White House around 4:30 p.m. Eastern are Bechtel Corporation's CEO and chairman, Brendan Bechtel; Exelon (EXC) CEO Calvin Butler; General Catalyst's chairman and managing director, Kenneth Chenault; IBM's (IBM) CEO and chairman, Arvind Krishna; Otis Worldwide's (OTIS) CEO and president, Judy Marks; Target's (TGT) CEO and chair, Brian Cornell; and TIAA's CEO and president, Thasunda Brown Duckett.

U.S. stocks SPX DJIA COMP mostly lost ground Thursday morning as a hotter-than-expected inflation report put pressure on the market following a four-session winning streak.

The inflation report showed U.S. consumer prices climbed 0.4% in September, ahead of forecasts for a 0.3% rise. The rate of inflation in the 12 months ended in September remained steady at a 3.7% rate.

Biden touted how inflation has been easing in a statement issued after the latest CPI reading. He said: "Overall inflation is down by 60% from its peak at a time when unemployment has remained below 4% for 20 months in a row and the share of working-age Americans in the workforce is the highest in 20 years. That's Bidenomics in action."

-Victor Reklaitis

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10-12-23 1035ET

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