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Fed chairman's testimony shows Biden's economic plan working -White House

EconomyJun 22, 2021 05:56PM ET
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© Reuters. FILE PHOTO: Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on Capitol Hill in Washington, U.S., December 1, 2020. Susan Walsh/Pool via REUTERS/File Photo

By Andrea Shalal

WASHINGTON (Reuters) - Congressional testimony from Federal Reserve Board Chairman Jerome Powell on Tuesday shows that President Joe Biden's economic plan is working, a White House official said.

"As you know, we do not comment on the Fed's monetary policy decisions," the official said. "But their updated forecasts last week reaffirm that President Biden's economic plan is working and that America is on the move again, and Chairman Powell reiterated this today in his congressional testimony."

Powell told U.S. lawmakers the U.S. central bank was sticking to its intent to encourage a "broad and inclusive" recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.

White House officials kept a close watch on the testimony, along with U.S. markets, with Republicans arguing loudly that Biden's economic plans are to blame for recent price increases.

But the Fed chairman, whose term ends in February, said the recent high inflation readings reflect rising demand for goods and services and supply chain bottlenecks, echoing similar remarks by administration officials.

Biden must decide in coming months whether to renominate Powell for another term as the nation's top central banker. White House officials declined to comment on that process.

Powell's recent comments have pleased White House officials, who say the Fed's two-percentage point jump in its economic forecast for 2021 - from 5% to 7% - provides clear evidence that the president's approach is paying off. That would be the fastest economic expansion since 1984.

The Fed was also forecasting unemployment of 4.5%, down a full two percentage points from its forecast a year ago, the White House official said.

“That’s the story of President Biden’s presidency after just five months in office: economic growth is up, unemployment is down, and America is roaring back thanks to the President’s leadership.”

Fed chairman's testimony shows Biden's economic plan working -White House
 

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Comments (7)
Sean Carter
Sean Carter Jun 23, 2021 7:18AM ET
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You have to keep in mind that economists and politicians measure how well the economy is doing by how the 1% (the super rich) is doing. So, if asset prices are rising, which is obviously good for the 1% since they own most of those assets, that means that the economy is doing good (according the economist and politicians). It never crosses their mind that the same asset-price inflation is a disaster for lower and middle class families since it results in a higher cost of living. As an added bonus: There's a story floating around of how the richest people's wealth has grown $5 Trillion Dollars since the scamdemic began while the working class lost roughly the same amount.
John Raymond
John Raymond Jun 23, 2021 4:09AM ET
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the economy is riding on the robust strength built during trump's tenure. so just stop this Biden propaganda b/s
caleb wong
caleb wong Jun 22, 2021 11:47PM ET
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Jerome is brilliant
Josh Martin
Josh Martin Jun 22, 2021 7:06PM ET
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LOL MSM like Reuters not even hiding that they are just acting as a mo.uthpiece for democrats. You know it is bad when the only source you can cite to say Biden's plan is working is the White House. That would be like Retuers under Trump putting out a headline "'Fed chairman's testimony shows Trump's economic plan working bigly' - White House". What a joke, no journalism, just pure partisan propaganda. I do not care democrat or republican, but this partisan tribalism and globalist media bias is more dangerous than any politician.
Karl Marx
Karl Marx Jun 22, 2021 7:01PM ET
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You know it is bad when the only source they have to say Biden's plan is working is the White House.
Alan Rice
Alan Rice Jun 22, 2021 7:01PM ET
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Sure, but the odor of the GOP still remains.
Josh Martin
Josh Martin Jun 22, 2021 7:01PM ET
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Have a rising stock market, strong dollar, and record low unemployment under Trump was such a terrible thing. Thank goodness we have Biden now to raise taxes, inflation, home prices, cost of living, unemployment...such a relief!
Sean Carter
Sean Carter Jun 22, 2021 7:01PM ET
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Josh Martin  You have to keep in mind that when they say the economy is doing well, they measure how well the economy is doing by how the 1% is doing. So, if asset prices are rising, which is obviously good for the 1%, that means that the economy is doing good (according the economist and politicians). Never mind that the same asset-price inflation is a disaster for lower and middle class families.
Michael Angelo
Michael Angelo Jun 22, 2021 6:47PM ET
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Nonsense.
 
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