President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks
President Joe Biden participates in a magnolia tree planting ceremony on the South Lawn of the White House in Washington, Monday, May 30, 2022. WASHINGTON — — President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans' pocketbooks.
The White House said the pair would discuss the state of the U.S. and global economy and especially inflation, described as Biden's “top economic priority." The goal, the White House said, is a “transition from an historic economic recovery to stable, steady growth that works for working families.” But the economy saw a welcome bit of data Friday, as the Commerce Department said inflation rose 6.3% in April from a year earlier, the first slowdown since November 2020 and a sign that high prices may finally be moderating, at least for now.
Powell has pledged to keep ratcheting up the Fed’s key short-term interest rate to cool the economy until inflation is “coming down in a clear and convincing way.” Those rate hikes have spurred fears that the Fed, in its drive to slow borrowing and spending, may push the economy into a recession. That concern has caused sharp drops in stock prices in the past two months, though markets rallied last week.
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Biden to meet Fed chair as inflation bites pocketbooksPresident Joe Biden will meet Tuesday with Federal Reserve chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks.
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Biden to meet Fed chair as inflation bites pocketbooksWASHINGTON (AP) — President Joe Biden will meet Tuesday with Federal Reserve chairman Jerome Powell as soaring inflation takes a bite out of Americans' pocketbooks. The meeting will be the first since Biden renominated Powell to lead the central bank and comes weeks after his confirmation for a second term by the Senate.
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