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Biden Says Stemming Inflation Is Fed’s Job, Backs Policy Shift
Posted
January 20, 2022
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0:53Now PlayingPresident Joe Biden said it’s the Federal Reserve’s job to rein in the fastest pace of inflation in decades, and supported the central bank’s plans to scale back monetary stimulus.
“The critical job in making sure that the elevated prices don’t become entrenched rests with the Federal Reserve,” Biden said Wednesday in a press conference marking his first year in office. “Given the strength in the economy, and the pace of recent price increases, it’s appropriate,” as Fed Chair Jerome Powell has indicated, “to recalibrate the support that is now necessary,” Biden said at the White House.
Consumer-price inflation hit a 7% annual rate in December, the highest in almost four decades. The surge in the cost of living -- triggered in large part by pandemic-related supply breakdowns and soaring demand for goods -- has proved longer-lasting than the administration, Fed or vast majority of economists anticipated.
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