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President Joe Biden has said getting inflation under control is his “top priority.”
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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 karishma.vanjani@dowjones.com