‘1 Year in Office’ Biden Responds to High Inflation Criticism: “Inflation Is the Fed’s Responsibility... Respecting Its Independence”

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] U.S. President Joe Biden acknowledged that many Americans are struggling to make ends meet due to soaring inflation reaching a 40-year high, but he attributed the responsibility to the central bank, the Federal Reserve (Fed).

At a press conference held a day before his first anniversary in office, President Biden stated, "The important task of preventing inflation from becoming entrenched lies with the Fed, which has the dual mandate of full employment and price stability."

In response to the question, "Do Americans have to keep seeing these high prices at grocery stores and gas stations?" he said, "Inflation must be controlled." In December last year, the U.S. Consumer Price Index (CPI) surged 7.0% year-over-year, marking the largest increase in nearly 40 years.

President Biden argued, "Considering the strength of our economy and the recent pace of inflation, it is appropriate to recalibrate the necessary support, as Fed Chair Jerome Powell has pointed out."

Regarding the Fed's anticipated moves such as interest rate hikes in the near future, he said, "I respect the Fed's independence."

Marking his first anniversary in office, President Biden emphasized the achievements of the past year during the press conference by citing specific figures related to COVID-19 response through vaccinations, job creation, and income.

When questioned about the administration's numerous challenges, including inflation and stalled welfare bills in Congress, and whether he had promised more than what was realistically achievable at the time of his inauguration a year ago, he responded, "I have never made excessive promises. I think we have done better than others expected," and added, "The situation is improving."

This content was produced with the assistance of AI translation services.