• Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
ABOUT
Advertise in GAT
Contact us
Wednesday, March 22, 2023
Georgia Asian Times
International Insurance of Georgia
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
  • Login
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
No Result
View All Result
Georgia Asian Times
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
Home Business

Biden to meet Fed chair as inflation bites US pocketbooks

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.

Georgia Asian Times by Georgia Asian Times
May 31, 2022
in Business
Biden to meet Fed chair as inflation bites US pocketbooks
Share on FacebookShare on Twitter

Washington DC, May 31, 2022  — 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 initially portrayed the inflation surge as a temporary side effect caused by supply chain issues as the U.S. emerged from the pandemic. Republican lawmakers were fast to criticize Biden’s $1.9 trillion coronavirus relief package from last year as pumping too much money into the economy and causing more inflation. That narrative also has held some sway with leading economists who say the financial support was excessive even though it helped the job market roar back.

Biden now faces an increasingly global challenge as energy and food costs jumped after Russian President Vladimir Putin ordered the invasion of Ukraine in February. Simultaneously, China imposed lockdowns tied to coronavirus outbreaks that further strained supply chains. This has left the European Union nursing record inflation and the risks of a recession, while U.S. consumers are increasingly disgruntled by gasoline prices averaging a nominal record of $4.62 a gallon.

AD: High Museum of Atlanta

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 most important thing we can do now to transition from rapid recovery to stable, steady growth is to bring inflation down,” Biden said in an op-ed posted Monday by The Wall Street Journal. “That is why I have made tackling inflation my top economic priority.”

Consumer prices are 8.3% higher than a year ago, about four times the Fed’s target. Powell has acknowledged the U.S. central bank has limited tools to respond to supply shocks, and one of the major uncertainties is whether the Fed can bring inflation down without causing a recession in the U.S.

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.

The administration has also proposed greater enforcement of antitrust and other laws in hopes of reducing prices for consumers, while arguing that federal deficit reduction would also help. Yet Biden’s domestic agenda faces an unclear path in Congress.

Powell has pledged to keep ratcheting up the Fed’s key short-term interest rate to cool the economy until inflation is “coming down in a clear and convincing way.” Those rate hikes have spurred fears that the Fed, in its drive to slow borrowing and spending, may push the economy into recession. That concern has caused sharp drops in stock prices in the past two months, though markets rallied last week.

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.

Biden, in his op-ed, indicated that the record-setting pace of job creation in the aftermath of the pandemic would slow dramatically, suggesting more moderate levels of 150,000 jobs per month from 500,000. He said, “It will be a sign that we are successfully moving into the next phase of recovery—as this kind of job growth is consistent with a low unemployment rate and a healthy economy.”

Ahead of the meeting Biden pledged not to interfere in the Fed’s decision-making, but suggested that he and Powell are aligned on addressing inflation.

“My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation,” Biden wrote. “I won’t do this. I have appointed highly qualified people from both parties to lead that institution. I agree with their assessment that fighting inflation is our top economic challenge right now.” – AP

Tags: Federal Reserve Bankinflation
Previous Post

Art meets spirituality in a timepiece inspired by Japanese culture

Next Post

Myanmar revokes publishing license over Rohingya book

Georgia Asian Times

Georgia Asian Times

Related Posts

Biden insists banking system is safe after 2 bank collapses
Business

Silicon Valley Bank’s demise disrupts the disruptors in tech

March 15, 2023
Honda changing course, will build its own electric vehicles
Business

Honda recalling 500,000 vehicles to fix seat belt problem

March 15, 2023
Biden insists banking system is safe after 2 bank collapses
Business

Biden insists banking system is safe after 2 bank collapses

March 13, 2023
Business

Yellen says no federal bailout for Silicon Valley Bank

March 12, 2023
US employers shrug off omicron, add 467,000 jobs in January
Business

US adds a robust 311,000 jobs despite Fed’s rate hikes

March 10, 2023
Biden hosts ASEAN as he looks to show Pacific commitment
Business

Biden budget seeks big deficit cuts in challenge to GOP

March 9, 2023
Next Post
Myanmar revokes publishing license over Rohingya book

Myanmar revokes publishing license over Rohingya book

Signup Free E-Newsletter

Upcoming Events

Apr 7
8:00 am - 3:30 pm

Symposium on Asia-USA Partnership Opportunities (SAUPO) 2023

May 6
9:00 am - 4:00 pm

GAT AAPI Summit 2023

View Calendar
Logo

 

CONTACT US

Follow Us

MOST INFLUENTIAL

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

July 18, 2022

Video highlights of GAT 25 Most Influential Asian Americans in Georgia

July 17, 2022

2022 GAT 25 Most Influential Asian Americans in Georgia-Awards Gala

July 17, 2022

LINKS OF INTEREST

ATL Asian Film Festival

     

  • Contact Us
  • Advertise in GAT
  • About
  • Privacy Policy
  • Terms of Use

© 2023 Georgia Asian Times - Empowered by 8SOL. Managed by Arckopolis.

No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts

© 2023 Georgia Asian Times - Empowered by 8SOL. Managed by Arckopolis.

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Loading
Loading
Loading
Loading
Register for FREE to read the rest of this article, or log in to your account.

    Or Login Here :

    Login

    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?