White House (WH) Economic Adviser Brian Deesetold CNBC on Wednesday that the Consumer Price Index (CPI) data shows the urgency for Congress to pass legislation to spur semiconductor manufacturing in the US, as reported by Reuters.

"Another area of focus is boosting refinery capacity," Deese added.

Earlier in the day, the US Bureau of Labor Statistics reported that the annual CPI in June jumped to its highest level in four decades at 9.1%. 

Market reaction

Safe-haven flows continue to dominate the financial markets following these comments. As of writing, the S&P 500 and the Nasdaq Composite indexes were down 0.9% and 1.1%, respectively.