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President Joe Biden has said getting inflation under control is his “top priority.”
Anna Moneymaker/Getty Images
President Joe Biden is set to meet with Federal Reserve Chair Jerome Powell on Tuesday to discuss the state of the economy. The central bank is currently battling decades-high Inflation.
The meeting will be the first time the two have met since Biden announced Powell’s re-election as chair in November. The Senate confirmed Powell to the position in early May.
Inflation, as measured by the consumer price index, has shown some signs of a slowdown. Total consumer prices rose 0.6% in April, a decline from March’s 1.2% increase. Year over year, prices rose 8.3% in April, down from 8.5% in March, which was the highest annual pace in four decades.
But there are still signs that inflation hasn’t peaked. Core CPI, which excludes the volatile energy and food segments, rose 0.6% in April, following a 0.3% increase in March.
To combat rising prices, the Fed plans to continue raising interest rates. According to minutes from the central bank’s May policy meeting, the Fed sees half-percentage point interest rate increases as “appropriate” at the next couple of meetings.
Write to Karishma Vanjani at [email protected]
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