President Joe Biden said his actions to lower inflation would need more time to take effect. He also said he is optimistic the US is not nearing a recession. He spoke at the White House after Democrats fared better than expected in midterm elections. (Excerpt) Follow Bloomberg for business news & analysis, up-to-the-minute market data, features, profiles and more: http://www.bloomberg.com/ Connect with us on... Twitter: https://twitter.com/business Facebook: https://www.facebook.com/bloombergbusiness/ Instagram: https://www.instagram.com/quicktake/?hl=en