Inflation is one of the long-running issues that appear to hamper US President Joe Biden’s approval ratings and what the Republicans have attacked him with. This week, Biden sat down with his Federal Reserve chairman Jerome Powell to discuss strategies to address and combat inflation.
Biden met with Powell at the White House to discuss strategies for combating inflation which has affected many, as he seeks to relieve many Americans who are growing worried about the rising prices of necessities and gasoline. The US leader’s meeting with Powell also comes as Biden looks to address the concerns of the public while also insisting on the Federal Reserve’s independence.
“My plan to address inflation starts with simple proposition: Respect the Fed, respect the Fed’s independence,” said Biden during his meeting.
This is the first meeting between Biden and Powell since Powell was renominated to the post back in November. The Federal Reserve has also expressed a desire to slow down inflation without sending the country’s economy into a recession. Biden said he would not interfere with the Federal Reserve’s plan, unlike some of his predecessors.
Back in April of 2021, Biden said that he was “fastidious about not talking” with the Federal Reserve and wanted to steer clear from being perceived as telling the central bank how they should fulfill their jobs.
Inflation, for now, appears to show signs of moderating but still remains above the 2 percent target through the end of 2022. Gasoline prices are expected to continue increasing, more so now that the European Union has agreed to cut off 90 percent of its oil purchases from Russia, forcing the bloc to turn to alternative sources of oil, bringing oil prices to $115 a barrel Tuesday.
This week, Biden also met with New Zealand Prime Minister Jacinda Ardern at the White House to discuss their shared concerns over China’s growing influence in the region as well as the recent mass shootings and the long-running issue of climate change.
Biden praised Ardern for her leadership, saying that she has played a big role in “galvanizing action on climate change” as well as the global efforts to combat violence and extremism.