Watch live: Biden speaks on the economy and job growth ahead of major Fed rate decision

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President Joe Biden is set to deliver remarks on the economy, job growth and deficit-reduction efforts Wednesday morning, shortly before the Federal Reserve is expected to raise interest rates as part of a major push to fight inflation.

The central bank is widely expected to hike rates by half a percentage point and announce a plan to draw down its balance sheet. Fed Chair Jerome Powell is set to brief the media after the policy statements are announced at 2 p.m. ET.

Biden's speech from the White House Roosevelt Room comes as persistent inflation has sent prices rising to historic levels over the past year. The trend has been politically damaging for the Biden administration and has stoked fears of "stagflation," an unwanted mix of rising prices and stagnant economic growth.

The president's remarks also come on the heels of a new payrolls report from ADP showing private payrolls increased by 247,000 in April — well below estimates of 390,000 from Dow Jones.

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