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Biden meets with Fed chief to discuss 40-year high inflation

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US President Joe Biden met with Federal Reserve Chairman Jerome Powell on Tuesday to discuss historic inflation draining Americans’ purchasing power.

The meeting is the first since the US Senate approved Powell’s second term earlier this month. It comes as Biden seeks to cut the costs of gasoline, food and consumer goods that have driven inflation to its highest level in 40 years.

In brief comments before the meeting, Biden said he would be meeting with Powell and US Treasury Secretary Janet Yellen “to discuss my top priority … which is fighting inflation.”

He added that his plan to deal with inflation “starts with a simple proposition: respect the Federal Reserve … respect the independence of the Federal Reserve, which I have done and will continue to do.”

The Fed has already raised interest rates by 75 basis points questyear as part of its fight to reduce inflation.

Most Fed monetary policymakers say they expect it will continue to raise interest rates to around 2.5% by the end of questyear, and beyond if necessary.

The planned rate hikes include a 50 basis point increase in both June and July Federal Reserve meetings.

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