President Joe Biden said U.S. actions to eliminate supply-chain snarls have staved off a pre-Christmas crisis, ahead of a meeting with U.S. officials and private-sector companies, including FedEx(FDX.N)\n , on Wednesday.
WASHINGTON, Dec 22 - President Joe Biden said U.S. actions to eliminate supply-chain snarls have staved off a pre-Christmas crisis, ahead of a meeting with U.S. officials and private-sector companies, including FedExBiden created a task force in June to address the issue, and the White House says it has made "significant progress to alleviate bottlenecks that are rooted in the global pandemic.
Fedex CEO Fred Smith said supply-chain issues are "not all solved" but that "most of Santa Claus' products will be delivered to the consumers." However, corporate profits overall have been strong, with most S&P 500 companies beating analysts' third-quarter expectations. Biden, who is wrestling with U.S. inflation that recently hit a 31-year high, has taken measures to try to break such logjams, including unclogging ports and expanding trucker hours.
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