{"id":30982,"date":"2022-05-31T20:07:58","date_gmt":"2022-05-31T20:07:58","guid":{"rendered":"https:\/\/harchi90.com\/joe-biden-hands-inflation-response-to-jerome-powell\/"},"modified":"2022-05-31T20:07:58","modified_gmt":"2022-05-31T20:07:58","slug":"joe-biden-hands-inflation-response-to-jerome-powell","status":"publish","type":"post","link":"https:\/\/harchi90.com\/joe-biden-hands-inflation-response-to-jerome-powell\/","title":{"rendered":"Joe Biden hands inflation response to Jerome Powell"},"content":{"rendered":"<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>President Biden said Tuesday that he would take a back seat to the Federal Reserve and Chairman Jerome Powell as the White House grapples with decades-high inflation and the central bank weighs more interest rate hikes that many fear could lead to a recession. <\/p>\n<p>Biden told Powell ahead of a rare Oval Office meeting that addressing inflation was his &#8220;top priority&#8221; before adding that his plan &#8220;starts with a simple proposition: respect the Fed.&#8221;<\/p>\n<p>&#8220;I&#8217;m meeting with the chairman today and [Treasury] Secretary [Janet] Yellen to discuss my top priority, that is addressing inflation in order to transition from historic recovery to a steady growth for American families, \u201dBiden said during brief introductory remarks.<\/p>\n<p>&#8220;And my plan is to address inflation, [and] starts with a simple proposition: respect the Fed, respect the Fed&#8217;s independence, which I have done and will continue to do. &#8220;<\/p>\n<p>The Fed&#8217;s interest rate hikes so far this year already have sent borrowing rates, including for mortgages, soaring in a bid to stem increasing prices.  Biden&#8217;s predecessor, Donald Trump, frequently broadcast his opinion of him about potential Fed actions, creating tension with the independent agency.<\/p>\n<p>The annual US inflation rate declined slightly to 8.3% in April after hitting a 40-year annual high of 8.5% in March, according to official data from the federal Bureau of Labor Statistics.<\/p>\n<figure class=\"wp-block-image size-large\"><figcaption>Biden told Powell ahead of a rare Oval Office meeting that addressing inflation was his &#8220;top priority.&#8221;<\/figcaption><figcaption><span class=\"credit\">AP Photo \/ Evan Vucci<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/joe-biden-inflation-may312022.jpg?resize=1024%2C682&#038;ssl=1\" alt=\"Biden last year signed a $ 1.9 trillion economic stimulus bill that Democrats passed without revenue offsets and a $ 1.2 trillion bipartisan infrastructure bill.\" class=\"wp-image-22475581\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/joe-biden-inflation-may312022.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/joe-biden-inflation-may312022.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/joe-biden-inflation-may312022.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-recalc-dims=\"1\"\/><figcaption>Biden last year signed a $ 1.9 trillion economic stimulus bill that Democrats passed without revenue offsets.<\/figcaption><figcaption><span class=\"credit\">AP Photo \/ Evan Vucci<\/span><\/figcaption><\/figure>\n<p>Biden has repeatedly blamed inflation on supply chain bottlenecks caused by the COVID-19 pandemic, as well as Russia&#8217;s three-month-old invasion of Ukraine, which increased energy and food prices.  But his critics di lui blame Biden&#8217;s anti-fossil fuel actions and soaring government spending.<\/p>\n<p>Biden last year signed a $ 1.9 trillion economic stimulus bill that Democrats passed without revenue offsets and a $ 1.2 trillion bipartisan infrastructure bill, of which about $ 256 billion wasn&#8217;t paid for, according to the Congressional Budget Office.<\/p>\n<p>A study released in late March by researchers at the Federal Reserve Bank of San Francisco said that in the final quarter of 2021, about 3 percentage points of inflation &#8211; nearly half the total price index increase at that time &#8211; may have been caused by government pandemic spending.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/supermarket-meat-prices-inflation-1.jpg?resize=1024%2C682&#038;ssl=1\" alt=\"A poll released last month by CBS found that 69% of US adults disapprove of Biden's handling of inflation.\" class=\"wp-image-22475609\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/supermarket-meat-prices-inflation-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/supermarket-meat-prices-inflation-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/supermarket-meat-prices-inflation-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-recalc-dims=\"1\"\/><figcaption>A poll released last month by CBS found that 69% of US adults disapprove of Biden&#8217;s handling of inflation.<\/figcaption><figcaption><span class=\"credit\">JIM WATSON \/ AFP via Getty Images<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/gas-station-prices-los-angeles-8.jpg?resize=1024%2C682&#038;ssl=1\" alt=\"Biden has repeatedly blamed inflation on supply chain bottlenecks caused by the COVID-19 pandemic.\" class=\"wp-image-22475625\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/gas-station-prices-los-angeles-8.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/gas-station-prices-los-angeles-8.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/gas-station-prices-los-angeles-8.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-recalc-dims=\"1\"\/><figcaption>Biden has repeatedly blamed inflation on supply chain bottlenecks caused by the COVID-19 pandemic.<\/figcaption><figcaption><span class=\"credit\">REUTERS \/ Lucy Nicholson<\/span><\/figcaption><\/figure>\n<p>A poll released last month by CBS found that 69% of US adults disapprove of Biden&#8217;s handling of inflation.  Even among Democrats, 41% disliked Biden&#8217;s response to the issue. <\/p>\n<p>Earlier this month, a Pew Research survey found that 70% of Americans described inflation as &#8220;a very big problem&#8221; for the country, the highest share for any issue tested in the poll.<\/p>\n<\/p><\/div>\n<p>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Biden said Tuesday that he would take a back seat to the Federal Reserve and Chairman Jerome Powell as the White House grapples with decades-high inflation and the central bank weighs more interest rate hikes that many fear could lead to a recession. Biden told Powell ahead of a rare Oval Office meeting that &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/joe-biden-hands-inflation-response-to-jerome-powell\/\"> <span class=\"screen-reader-text\">Joe Biden hands inflation response to Jerome Powell<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":30983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[114,2052,111,518,645,146],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/jerome-powell-joe-biden-inflation-gas-prices.jpg?ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/jerome-powell-joe-biden-inflation-gas-prices.jpg?quality=75&strip=all&w=1024","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/30982"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=30982"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/30982\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media\/30983"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=30982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=30982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=30982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}