U.S. President Joe Biden met with Federal Reserve Chair Jerome Powell on Tuesday to discuss inflation which he described as his “top priority”.
Prior to the meeting, Biden said he promised to “respect the Fed’s independence” and give them “the space they need to do their job.”
U.S. Treasury Secretary Janet Yellen also attended the meeting.
After the meeting, White House National Economic Council Director Brian Deese said Biden “underscored to Chair Powell” his earlier comments to respect the Fed’s independence, and called the meeting “very constructive.”
Deese flagged the impending transition ahead for the U.S. economy as the Fed lifts interest rates from the historic lows during the pandemic to more normal levels. The move is expected to slow demand and growth while easing price pressures….