{"id":1498475,"date":"2022-05-31T14:45:23","date_gmt":"2022-05-31T18:45:23","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1498475"},"modified":"2022-05-31T14:45:25","modified_gmt":"2022-05-31T18:45:25","slug":"biden-to-meet-with-fed-chairman-powell-about-inflation-crisis","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-meet-with-fed-chairman-powell-about-inflation-crisis\/","title":{"rendered":"Biden to Meet With Fed Chairman Powell About Inflation Crisis"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-to-meet-with-fed-chairman-powell-about-inflation-crisis%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1498475&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President <a href=\"https:\/\/www.theepochtimes.com\/t-joe-biden\">Joe Biden<\/a> is set to meet with Federal Reserve Chairman Jerome Powell as American households grapple with the effects of <a href=\"https:\/\/www.theepochtimes.com\/t-high-inflation\">high inflation<\/a>.<\/p>\n<p>The meeting, which will take place on May 31, comes weeks after Powell\u2019s second term as Fed Chair was confirmed by the Senate. Biden will congratulate Powell on the Senate confirmation during the meeting.<\/p>\n<p>The duo will discuss the state of the <a href=\"https:\/\/apnews.com\/article\/biden-jerome-powell-government-and-politics-economy-2b9295779a17e425d0d8da6f0f82176e\">U.S. and global economies<\/a>, as well as the president\u2019s \u201ctop economic priority\u201d of inflation, a White House official said.<\/p>\n<p>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.<\/p>\n<p>Despite wages rising by 5.5 percent in April, real wages registered a <a href=\"https:\/\/www.theepochtimes.com\/americas-inflation-problem-will-turn-into-cost-of-living-crisis-el-erian_4460088.html?slsuccess=1\">2.8 percent decline<\/a> after taking into account April inflation numbers.<\/p>\n<p>In a <a href=\"https:\/\/www.wsj.com\/articles\/my-plan-for-fighting-inflation-joe-biden-gas-prices-economy-unemployment-jobs-covid-11653940654?mod=article_inline\">Wall Street Journal<\/a> <a href=\"https:\/\/www.wsj.com\/articles\/my-plan-for-fighting-inflation-joe-biden-gas-prices-economy-unemployment-jobs-covid-11653940654?mod=article_inline\">op-ed<\/a> published on May 30, Biden backed the Federal Reserve as the organization best suited to deal with inflation.<\/p>\n<p>The Fed had raised interest rates by 50 basis points in May and indicated that more such rate hikes might be incoming in future meetings as long as inflation remains elevated.<\/p>\n<p>\u201cThe Federal Reserve has a primary responsibility to control inflation. My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation. I won\u2019t do this. I have appointed highly qualified people from both parties to lead that institution. I agree with their assessment that fighting inflation is our top economic challenge right now,\u201d Biden wrote.<\/p>\n<p>The president went on to blame the high gas prices at the pump in \u201clarge part\u201d on Russian oil, gas, and refining capacity being offline.<\/p>\n<p>In an <a href=\"https:\/\/www.theepochtimes.com\/rep-johnson-says-biden-must-stop-reckless-spending-foreign-energy-reliance-to-reduce-inflation_4468971.html\">interview<\/a> with NTD, Rep. Bill Johnson (R-Ohio) blamed the Biden administration for the current inflation situation.<\/p>\n<p>The first reason for inflation is the high gas prices, which Johnson claims is mostly due to Washington\u2019s policies that have eroded the energy independence of America, pushing the country to depend on other nations such as Iran, Venezuela, and Russia, Johnson said. Biden needs to \u201creverse course\u201d on energy policies to resolve the inflation issue, he added.<\/p>\n<p>The second reason is \u201cthe massive amounts of money that the Biden administration has spent, put into the system. Anytime there is this much cash, this many dollars floating around in our economy, it devalues the dollar,\u201d the Republican explained.<\/p>\n<p>\u201cThings that you pay $1 for today, you\u2019re going to pay $2 and $3 for tomorrow, because there\u2019s simply so much cash in the system,\u201d Johnson said. \u201cWe can\u2019t continue that kind of reckless spending.\u201d<\/p>\n<p><em>The Associated Press contributed to this report.<\/em><\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-naveen-athrappully\"><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1498475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1498475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1498475"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1498475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1498475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1498475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1498475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}