President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans' pocketbooks and the president's public approval.
Tuesday's meeting is the first since Biden renominated Powell to lead the central bank and comes weeks after his confirmation for a second term by the Senate. It also represents something of a reversal by Biden as inflation has evolved as a threat. The president asserted in April 2021 that he was"very fastidious about not talking" with the independent Fed and wanted to avoid being seen as"telling them what they should and shouldn't do.
The White House said the president and Powell would discuss the state of the U.S. and global economies. Their shared goal is to move the U.S. from its robust rebound and high inflation to low inflation and steady growth. 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.
Powell has signaled that the Fed will likely raise its benchmark rate by a half-point in both June and July - twice the size of the usual rate increase.
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