Biden discusses inflation crisis with Fed Chair Powell on Tuesday

Biden will meet Powell when prices are rising rapidly at all gasoline When food To housing..

The President will congratulate Powell for his recent confirmation that the US Senate has reached an additional four-year term as chairman of the Federal Reserve Board, according to White House officials.

The Federal Reserve's favorite inflation index fell in April, but prices are still unpleasantly high.

“We will discuss the situation of the US and the world economy and the president’s top economic priorities. We will deal with inflation and work from a historic recovery to a stable and steady work for working families,” Biden said. We will move to growth. “

The Federal Reserve declined to comment on Tuesday’s meeting and introduced questions to the White House.

Powell-led federal government has been criticized for being slow to respond to high inflation by ending emergency support for the economy and starting to raise interest rates.

However, the Fed has pledged to raise interest rates quickly, raising interest rates by 0.5 percentage points for the first time since 2000 earlier this month. The US central bank has suggested a more aggressive rate hike in the coming months.

Recent economic data show optimism that inflation may have peaked in March for the first time in 40 years, but economists say it’s pretty long before inflation returns to healthy levels. It warns that it may take some time.

Source: www.cnn.com

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