Biden to meet Fed chair as inflation bites pocketbooks
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Inflation
President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans' pocketbooks.The meeting Tuesday 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.
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Top economic priority
The White House said the pair would discuss the state of the U.S. and global economy and especially inflation, described as Biden's “top economic priority." The goal, the White House said, is a “transition from an historic economic recovery to stable, steady growth that works for working families.”
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40-year high
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.
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Slowdown
But the economy saw a welcome bit of data Friday, as the Commerce Department said inflation rose 6.3% in April from a year earlier, the first slowdown since November 2020 and a sign that high prices may finally be moderating, at least for now.
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Four -decade high
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.