US historic inflation drilling Americans’ pockets has become a subject of discussion among the prominent people of the United States, an issue that tops the priority of Fed’s Powell and President Biden discussion.
President Biden’s meeting with the Fed Chairman saw him shift the blame on the Federal Reserve.
The president seized an Oval Office session to defend his office, he argued that even though controlling inflation is his priority, addressing the inflation issue is primarily the work of the Federal Reserve.
According to him, “My plan is to address inflation. That starts with a simple proposition: respect the Fed, respect the Fed’s independence, which I have done and will continue to do.”
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This meeting is Biden’s third session with Powell since Biden’s assumption of the office, and recalls the stakes when Ronald Reagan met with then-Fed chief Paul Volcker almost four decades ago as he sought re-election amid galloping price pressure.
President Biden’s efforts thus far have been showing his attempts to curb the 40-year highs inflation hitting the US, an inflation heading into the mid-term November this year which if not quickly addressed, the Democrats might lose the support of the majority in the congress.
White House in its reaction to the inflation has been shifting the burden to the Federal Reserve, as votes show that rising costs are voters’ top consideration. In an op-ed published on Monday in the Wall Street Journal, Biden said the Fed has “a primary responsibility to control inflation.”
Furthermore, Biden on Tuesday, said it is his responsibility as the President to give the Fed “the space they need to do their job, adding that, “I’m not going to interfere with their critically important work.”
Despite Fed’s Powell calling addressing inflation his top priority, Fed’s Powell has been criticized for his sluggishness in the confrontation of the inflation, he has, however, launched the most aggressive tightening campaigns in decades.
Data released Friday showed the central bank’s preferred gauge of price pressures, the personal consumption expenditures price index, rose by 6.3% last month from April 2021 — more than three times the Fed’s 2% target.
The U.S. labor market is historically tight, with April’s unemployment rate of 3.6% near a 50-year low and two job vacancies for every one person looking for work. That’s pushing up wages and stoking inflation, alongside price rises caused by Covid-19 supply-chain tangles and the impact on energy and food costs of Russia’s invasion of Ukraine.
In addition to inflation, Biden and Powell will discuss the state of the U.S. and global economy and the recent confirmation of Lael Brainard, Lisa Cook and Philip Jefferson to the Fed board, a White House official said.
Biden has urged the Senate to also confirm Michael Barr as the Vice Chair for Supervision of the Federal Reserve, a key slot that oversees the banking industry.
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