Categories
Finance

Reports: Biden begging Federal Reserve’s Powell to curb inflation – One America News Network

 Chairman of the Federal Reserve Jerome Powell appears before the Senate Banking Committee on Capitol Hill in Washington. (AP Photo/Susan Walsh, Pool, File)

Chairman of the Federal Reserve Jerome Powell appears before the Senate Banking Committee on Capitol Hill in Washington. (AP Photo/Susan Walsh, Pool, File)

OAN Newsroom
UPDATED 3:23 PM PT – Monday, July 19, 2021

Joe Biden has reportedly begged the U.S. Central Bank to curb inflation that has been spiraling out of control under his watch. According to reports on Monday, Biden asked Federal Reserve Chair Jerome Powell to do “whatever it takes” to control inflation.

According to reports, Biden officials have been worried that skyrocketing consumer prices would further erode his waning popular support. U.S. inflation rose 5.4 percent year-on-year this month, which was way above the Federal Reserve’s two percent target.

However, Biden and his officials have refused to admit that inflation poses a problem.

“We’ve seen some prices increases. Some folks have raised worries that this could be sign of persistent inflation. But that’s not our view,” Biden claimed. “As I made clear to Chairman Powell of the Federal Reserve when we met recently, the FED is independent.”

Central Bank experts say the FED could raise interest rates to contain inflation. However, such a move would also increase interest payments on U.S. national debt, which is nearing $30 trillion and could make deficit spending worse.

MORE NEWS: 2 Dead, 5 Injured In Shooting Rampage In Tucson, Ariz.

Published at Mon, 19 Jul 2021 19:14:16 +0000

This post originally posted here https://news.google.com/__i/rss/rd/articles/CBMiVWh0dHBzOi8vd3d3Lm9hbm4uY29tL3JlcG9ydHMtYmlkZW4tYmVnZ2luZy1mZWRlcmFsLXJlc2VydmVzLXBvd2VsbC10by1jdXJiLWluZmxhdGlvbi_SAQA?oc=5

Newslanes Media

By Newslanes Media

Newslanes.com is the leading e-news platform for the latest breaking news of world today. Newslanes auto aggregates and gather popular stories, business news, tech releases and much more for free for everyone. The news repository targets everyone after factual and well-researched information provided by trusted sources. All content and material belongs to their respective sources.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.