President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as American households grapple with the effects of high inflation.
The meeting, which will take place on May 31, comes weeks after Powell’s second term as Fed Chair was confirmed by the Senate. Biden will congratulate Powell on the Senate confirmation during the meeting.
The duo will discuss the state of the U.S. and global economies, as well as the president’s “top economic priority” of inflation, a White House official said.
April annual inflation came in at 8.3 percent according to the Bureau of Labor Statistics, remaining close to the 40-year high of 8.5 percent in March. Food prices were up by 9.4 percent, energy costs by 30.3 percent, shelter costs by 5.1 percent, and new vehicles by 13.2 percent….