Biden to Meet Powell After Over 6 Months... Discuss Inflation and Economy on the 31st

[Image source=EPA Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] U.S. President Joe Biden, who is struggling with inflation at its highest level in 40 years, will meet with Federal Reserve (Fed) Chair Jerome Powell on the 31st (local time).

According to the White House on the 30th, President Biden and Chair Powell are scheduled to discuss the U.S. and global economic situations during this meeting.

This meeting marks the first time since President Biden announced Chair Powell's reappointment last November. Local media have described it as a rare meeting, noting that Biden had previously kept his distance to respect the Fed's independence.

The discussion is expected to cover soaring inflation in the U.S. and the Fed's policy response, as well as concerns about potential economic slowdown amid tightening by the Fed and other central banks worldwide. With the midterm elections approaching in November, responsibility for inflation in the U.S. has become a growing issue, causing Biden's approval ratings to plummet to their lowest levels recently. He also stated this month that "inflation is currently our biggest economic challenge."

Prioritizing price stability and positioning itself as an "inflation fighter," the Fed has been raising its benchmark interest rate since March. Following May, the Fed has indicated the possibility of a big step increase of 0.5 percentage points at the June and July meetings.

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