Wall Street Journal: “President Biden said he would support the Federal Reserve in its effort to combat high inflation by reducing economic demand, as the central bank lifts interest rates at its fastest pace in more than three decades.”
“Mr. Biden outlined a broad three-part plan for addressing inflation, which is running at 40-year highs, in an opinion piece published Monday evening in The Wall Street Journal. He is set to meet with Fed Chairman Jerome Powell on Tuesday at the White House, the first such meeting since Mr. Powell was tapped by Mr. Biden and confirmed to a second four-year term by the Senate on May 12.”
“Mr. Biden said it was likely that the pace of job growth could slow from a monthly pace of 500,000 jobs to around 150,000 as a necessary result of the Fed’s efforts to combat high inflation.”
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