US President Joe Biden will meet today with Federal Reserve Chairman Jerome Powell to discuss the rapid inflation that continues to stifle American economies.
The meeting, the first since Powell’s renewal of power in the Senate, will take place against the backdrop of President Biden’s efforts to reduce the cost of gasoline, food and consumer goods that has led to inflation. 40 years old.
According to Reuters, Biden will congratulate Powell on the renewal of his term, and will discuss with him the situation in the US and the world economy, as well as the president’s top priority “tackling inflation in the transition from a historic economic “recovery in sustainable development that will support working families,” said a White House official.
It is recalled that the Fed has already raised interest rates this year by 0.75% and plans further increases by 0.5% in each of its next two sessions, possibly continuing with more later.
Under Powell, the Fed has been criticized by some economists for being too slow to deal with high inflation, ending emergency support and raising interest rates.
In an opinion article in the Wall Street Journal published Monday, Biden said the Fed’s main role is to control inflation.
The US president also stressed that “his predecessor underestimated the Fed and the previous presidents tried to influence its decisions in times of high inflation. I will not do that.”
Source: Capital
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