In an opinion piece for the Wall Street Journal (WSJ), the US President Joe Biden outlined a three-part plan to fight inflation.
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“I will not meddle with the Fed, but I will address high prices as I guide the economy’s transition to stable and consistent growth.”
“Summary of the plan in three parts:
- The Federal Reserve…I agree with your assessment that fighting inflation is our number one economic challenge right now.
- I directed the largest release of the world’s oil reserves in history…Congress could help immediately by passing the clean energy tax credits and the investments that I have proposed… We can also reduce the cost of everyday products by fixing broken supply chains, improving infrastructure and cracking down on exorbitant fees charged by shipping companies foreigners for moving the products.
- We have to continue to reduce the federal deficitwhich will help alleviate price pressures.”
Before a meeting with Fed Chairman Jerome Powell on Tuesday, Joe Biden said the US central bank has the primary responsibility for controlling inflation and vowed not to try to “inappropriately influence its decisions.”
Source: Fx Street
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