President Joe Biden will meet Tuesday with Federal Reserve chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks.
The meeting will be the first since Biden renominated Powell to lead the central bank and comes weeks after his confirmation for a second term by the Senate.
Inflation in the U.S. hit a 40-year high earlier this year, amid supply chain constraints caused by the global economy’s recovery from the pandemic and Russia’s invasion of Ukraine. The inflation figure was below the four-decade high of 6.6% set in March. While high inflation is still causing hardships for millions of households, any slowing of price increases, if sustained, would provide some modest relief.
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