President Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks.
, President Joe Biden plotted inflation-fighting strategy Tuesday with the chairman of the Federal Reserve, with the fate of the economy and his own political prospects increasingly dependent on the actions of the government’s central bank.about higher gasoline, grocery and other prices whiles still insisting an independent Fed will act free from political pressure.
Biden is running out of options on his own. His past attempts — oil releases from the strategic reserve, improving port operations and calls to investigate price gouging — have fallen short of satisfactory results. High prices have undermined his efforts to highlight the low 3.6% unemployment rate, leaving a growing sense of pessimism among Americans.
Inflation has shown signs of moderating but is likely to remain far above the Fed's 2% target through the end of this year. Gas prices are expected to keep rising, particularly now that the European Union has agreed to cut off Amid worries that the U.S. economy may repeat the high, persistent inflation of the 1970s, the cooperation between Biden and Powell represents a crucial difference from that time and could make it easier for the Fed to restrain higher prices. In the early 1970s, President Richard Nixon pressured Fed chair Arthur Burns to lower interest rates to spur the economy before Nixon's 1972 reelection campaign.
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