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Biden highlights Fed inflation role ahead of Powell meeting on Tuesday

Economy May 31, 2022 07:51AM ET
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© Reuters. FILE PHOTO: Federal Reserve Chair Jerome Powell listens as U.S. President Joe Biden nominates him for a second four-year term in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, U.S., November 22, 2021.

WASHINGTON (Reuters) -U.S President Joe Biden said the Federal Reserve has a primary responsibility to control inflation and vowed not to seek "to influence its decisions inappropriately" ahead of a meeting with the central bank chief on Tuesday.

Biden will meet Federal Reserve Chair Jerome Powell to discuss the state of American and global economy, the White House said late on Sunday.

In a Wall Street Journal opinion piece published Monday, Biden said the Federal Reserve's main role was to control inflation.

Biden said his "predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation. I won’t do this."

He said he agreed with the Fed's assessment "that fighting inflation is our top economic challenge right now."

Biden added the U.S. government should "take every practical step to make things more affordable for families during this moment of economic uncertainty."

Powell was formally sworn in last week to begin his second four-year term as head of the U.S. central bank.

The Fed is under pressure to decisively make a dent in an inflation rate that is running more than three times its 2% goal and has caused a jump in the cost of living for Americans. It faces a difficult task in dampening demand in the economy enough to curb inflation while not causing a recession.

There are already signs inflation has peaked. In the 12 months through April, the personal consumption expenditures (PCE) price index, the Fed’s preferred gauge of inflation, advanced 6.3% after jumping 6.6% in March, the Commerce Department reported on Friday.

Biden highlights Fed inflation role ahead of Powell meeting on Tuesday
 

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Comments (6)
John Laurens
John Laurens May 31, 2022 8:39AM ET
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Biden and the Dems demolish everything they touch. EVERYTHING!
Brad Albright
Brad Albright May 31, 2022 8:39AM ET
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$1 trillion bi-partisan infrastructure bill... dummy.
Tre Hsi
Tre Hsi May 31, 2022 8:39AM ET
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is that why the stock markets tripled when Clinton and Obama were president?
John Laurens
John Laurens May 31, 2022 8:39AM ET
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Brad Albright  These freaks can't even define infrastructure... they think it includes pushing gay ********on toddlers and convincing people to be ashamed of their color. These freaks are flat out racist fascists. Name ONE bridge that's been fixed. Name ONE airport that's been improved. The only purpose of that trillion was to grease the palms of blue state SH fascist supporters of the biden cabal. dummy.
John Laurens
John Laurens May 31, 2022 8:39AM ET
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Tre Hsi  Any president during the Clinton years would have done well. Fascist socialist globalist dems hadn't sold out the American worker yet. All the de-regulation from the Reagan years was still fueling our economy, and public schools were still actually teaching core subjects instead of racism, hate and gay sex. Obama left the country in ruins politically. He was the most divisive and hateful president in our history. But, to his advantage... America still had a manufacturing base. Obama also took over at the bottom of a socialist caused recession, so the market, with massive money printing, had nowhere to go but up. Dems only answer to anything is more free money. Their policies have always been a complete failure. And by the way, why don't you pay attention to your own SH country. Why you always sticking your nose where it doesn't belong. Go home!
Jose Cabreja
Jose Cabreja May 31, 2022 8:22AM ET
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Fed definitely Controls inflation.
Matt Brackley
Matt Brackley May 31, 2022 7:54AM ET
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Biden to Powell: “i need to print”
Michael Mcdonough
Michael Mcdonough May 30, 2022 8:05PM ET
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Waiting for Reuters expose on Biden Crime Family
Brad Albright
Brad Albright May 30, 2022 8:05PM ET
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Yeah? Waiting for Mike Lindell's evidence of election fraud? Waiting for the presidential election to be overturned? Waiting for a unicorn sandwich? America would be so much better if it weren't dragged down by the dead weight of the know-nothing kooks.
Tre Hsi
Tre Hsi May 30, 2022 8:05PM ET
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I am still waiting for someone to release the kracken, or tell me about those 2016 election frauds Trump mentioned every time someone said Hillary got more votes than him
Michael Mcdonough
Michael Mcdonough May 30, 2022 8:04PM ET
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Biden owns the Inflation..all Obama / Biden origination …
John Hat
John Hat May 30, 2022 8:43AM ET
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Political interference.
Brad Albright
Brad Albright May 30, 2022 8:43AM ET
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Trump repeats call for Fed to lower interest rates, boost quantitative easing. https://www.reuters.com/article/us-usa-fed-trump-idUSKBN1YL1TI
 
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