Business Maverick: Biden to Meet Powell to Discuss Economy as Inflation Bites

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 84%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

President Joe Biden will hold a rare Oval office meeting on Tuesday with Federal Reserve Chair Jerome Powell amid the highest inflation in decades, which has angered Americans and hurt his standing with voters.

The two will discuss the state of the American and global economy, according to a White House statement. It’s the first meeting between the two since Biden in November announced his intention to nominate Powell for a second term at the helm of the US central bank, according to a record of the Fed chief’s public schedule which is available through March.the Fed’s preferred gauge of price pressures, the personal consumption expenditures price index, rose by 6.

Fed officials raised interest rates by a half-percentage point earlier this month and Powell has signaled they plan to follow up with increases of the same size in June and July to cool price pressures, even as they start shrinking their massive balance sheet Concern over how aggressively the Fed will move has triggered severe financial-market volatility as investors fret it might cause a recession. But sentiment was brightened last week by some better corporate news and a suggestion by Atlanta Fed President Raphael Bostic that a pause on rate increases in September might make “

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines