{"id":1500572,"date":"2022-06-02T07:15:07","date_gmt":"2022-06-02T11:15:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1500572"},"modified":"2022-06-02T07:15:13","modified_gmt":"2022-06-02T11:15:13","slug":"biden-says-hell-respect-the-fed-give-it-space-to-fight-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-says-hell-respect-the-fed-give-it-space-to-fight-inflation\/","title":{"rendered":"Biden Says He\u2019ll \u201cRespect the Fed,\u201d Give It \u201cSpace\u201d to Fight Inflation"},"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\">24<\/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-says-hell-respect-the-fed-give-it-space-to-fight-inflation%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=1500572&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> met with <a href=\"https:\/\/www.theepochtimes.com\/t-federal-reserve\">Federal Reserve<\/a> Chair Jerome Powell on Tuesday to discuss <a href=\"https:\/\/www.theepochtimes.com\/t-inflation\">inflation<\/a> which he described as his \u201ctop priority.\u201d<\/p>\n<p>Prior to the meeting, <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/05\/31\/remarks-by-president-biden-before-meeting-with-treasury-secretary-janet-yellen-and-federal-reserve-chair-jerome-powell\/\">Biden said<\/a> he promised to \u201crespect the Fed\u2019s independence\u201d and give them \u201cthe space they need to do their job.\u201d<\/p>\n<p>U.S. Treasury Secretary Janet Yellen also attended the meeting.<\/p>\n<p>After the meeting,\u00a0White House National Economic Council Director Brian Deese said Biden\u00a0\u201cunderscored to Chair Powell\u201d his earlier comments to respect the Fed\u2019s independence, and called the meeting\u00a0\u201cvery constructive.\u201d<\/p>\n<p>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.<\/p>\n<p>\u201cWe have run this first leg of the race at a very rapid clip that has put us in the strong position relative to our peers, but this is a marathon and we have to move and shift to stable resilient growth,\u201d Deese said in comments obtained by Reuters.<\/p>\n<p>\u201cWe can actually take on inflation without having to sacrifice \u2026 all of those [labor market] gains.\u201d<\/p>\n<p>Biden\u2019s meeting with the Federal Reserve chair is the first since Powell\u2019s confirmation for a second term by the Senate. It also comes as rising gas, food, and consumer goods prices have sent inflation to 40-year highs.<\/p>\n<figure id=\"attachment_4504435\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/05\/01\/GettyImages-1400296578-1200x868.jpg\"><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4504435\" src=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/05\/01\/GettyImages-1400296578-600x434.jpg\" alt=\"Epoch Times Photo\" width=\"600\" height=\"434\" \/><\/noscript><\/figcaption><\/a> U.S. President Joe Biden speaks during a meeting with Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen in the Oval Office at the White House in Washington on May 31, 2022. (Kevin Dietsch\/Getty Images)<\/figure>\n<h2>\u2018Laser-focus\u2019<\/h2>\n<p>Biden said his meeting\u00a0with Powell aimed \u201cto discuss my top priority, and that is addressing inflation.\u201d<\/p>\n<p>\u201cMy plan is to address inflation. It starts with a simple proposition: Respect the Fed and respect the Fed\u2019s independence, which I have done and will continue to do,\u201d Biden said.<\/p>\n<p>\u201cChair Powell and other leaders of the Fed have noted, at this moment, they have a laser-focus on addressing inflation, just like I am,\u201d he added.<\/p>\n<p>\u201cAnd with a larger complement of board members now confirmed, I know we\u2019ll use those tools of monetary policy to address the rising prices for the American people.\u201d<\/p>\n<p>Powell has said he sees high inflation as America\u2019s chief economic risk and that controlling it is the Fed\u2019s top priority during his second term.<\/p>\n<p>He has said he will ratchet up interest rates as high as needed, even if it is painful for households and firms, rather than count on inflation to moderate itself as companies\u00a0sort out supply chain issues, and for consumer spending to shift toward services.<\/p>\n<figure id=\"attachment_4485163\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/05\/1.tagreuters.com2022binary_LYNXNPEI4M0X7-FILEDIMAGE-1200x800.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4485163\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/06\/1.tagreuters.com2022binary_LYNXNPEI4M0X7-FILEDIMAGE-600x400-1.jpg\" alt=\"The Semiannual Monetary Policy Report to the Congress hearing in Washington\" width=\"600\" height=\"400\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4485163\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/06\/1.tagreuters.com2022binary_LYNXNPEI4M0X7-FILEDIMAGE-600x400-1.jpg\" alt=\"The Semiannual Monetary Policy Report to the Congress hearing in Washington\" width=\"600\" height=\"400\" \/><\/noscript><\/figcaption><\/a> Federal Reserve Chairman Jerome Powell testifies during the Senate Banking Committee hearing titled \u201cThe Semiannual Monetary Policy Report to the Congress\u201d in Washington on March 3, 2022. (Tom Williams\/Pool via Reuters)<\/figure>\n<p>The Fed has already raised interest rates by 3\/4 of a percentage point this year, with most Fed policymakers saying they expect to continue to raise rates\u00a0until they reach around 2.5 percent by the end of this year, and further if needed.<\/p>\n<p>The planned rate hikes will include a half percentage point increase at both their June and July meetings.<\/p>\n<p>According to analysis from Reuters, this could see a difficult midterm election season for Biden and the Democratic party,\u00a0where they are trying to maintain control of the Senate and House of Representatives. Biden in June plans a media blitz to make the case to Americans that the economy is strong.<\/p>\n<p><em>Reuters 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-caden-pearson\"><img decoding=\"async\" src=\"https:\/\/secure.gravatar.com\/avatar\/38ce23ace09f12718ad757e5cb92eca2\" alt=\"Caden Pearson\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Caden Pearson is a journalist based in Australia. He has a background in screenwriting and documentary. Contact him on caden.pearson@epochtimes.com.au<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden met with Federal Reserve Chair Jerome Powell on Tuesday to discuss inflation which he described as his \u201ctop priority.\u201dPrior to the meeting, Biden said he promised to<\/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-1500572","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\/1500572","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=1500572"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1500572\/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=1500572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1500572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1500572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}