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Federal Reserve Chairman Jerome Powell appears before the Senate Banking Committee on Capitol Hill in Washington. (AP Photo / Susan Walsh, Pool, File)
To the press room
UPDATE 3:23 p.m. PT – Monday, July 19, 2021
Joe Biden is said to have pleaded with the US Central Bank to curb inflation which has spiraled out of control under his leadership. According to information released on Monday, Biden called on Federal Reserve Chairman Jerome Powell to do “whatever it takes” to control inflation.
There were reports that Biden officials feared the surge in consumer prices would further erode his declining popular support. U.S. inflation rose 5.4% year-on-year this month, which was well above the Federal Reserve’s 2% target.
Food, gas, rent, utilities like electricity – the prices of all of these daily expenses are rising due to inflation fueled by Biden’s failing policies.
– GOP (@GOP) July 16, 2021
However, Biden and his officials have refused to admit that inflation is a problem.
“We have seen price increases. Some people worry that this is a sign of persistent inflation. But that’s not our point of view, ”Biden said. “As I made clear to Federal Reserve Chairman Powell at our recent meeting, the FED is independent.”
Central bank experts say the Fed could raise interest rates to contain inflation. However, such a move would also increase interest payments on the US national debt, which is approaching $ 30 trillion and could worsen deficit spending.
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