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 aTuesday's meeting is the first since Powell was renominated in November by Biden to lead the central bank and comesfor a second term by the Senate.
This is only the fourth meeting between the president and the Federal Reserve chair, though Powell breakfasts as often as once a week with Treasury Secretary Janet Yellen. The united front between Biden and Powell is in sharp contrast to Powell's relationship with President Donald Trump, who repeatedly attacked Powell after the Fed chair oversaw moderate interest rate hikes in 2018. Trump continued his criticism even as Powell cut rates in 2019.
“That's why comparisons to the 1970s are wrong,” said Sebastian Mallaby, a senior fellow at the Council on Foreign Relations and author of a biography on former Fed Chairman Alan Greenspan, “The Man Who Knew.” “The president's essay was striking because he explicitly backed the Fed.” The administration also has few means for curbing inflation, possibly putting Biden's political fortunes at the mercy of global markets. The president has twice ordered the release of oil from the U.S. strategic reserve, only to see a short-term and muted impact on gas prices. He's also launched efforts to help ports clear shipping containers faster.
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Biden to meet Fed chair as inflation bites pocketbooksPresident Joe Biden is set to meet 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 pocketbooksPresident Joe Biden is set to meet 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 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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