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Biden vows Fed independence ahead of meeting with Powell over inflation battle
Inflationary prices mean ‘getting that income up’: Expert
Bestselling author and Ramsey podcast host Rachel Cruze reacts to consumers taking out more money from their savings amid 40-year high inflation.
President Biden stressed the importance of maintaining the independence of the Federal Reserve ahead of a rare Oval Office meeting with Chairman Jerome Powell amid an inflation crisis that has frustrated Americans.
The two will focus on the state of the U.S. economy, particularly soaring consumer prices, when they meet at the White House on Tuesday. It marks the first meeting of its kind since Biden renominated Powell to lead the central bank for another four years and comes weeks after the Senate confirmed him for a second term, according to a record of the Fed chief’s public schedule.
INFLATION SOARS 8.3% IN APRIL, HOVERING NEAR 40-YEAR HIGH
"The most important thing we can do now to transition from rapid recovery to stable, steady growth is to bring inflation down," Biden wrote in an op-ed published Monday in The Wall Street Journal. "That is why I have made tackling inflation my top economic priority."