Biden to discuss inflation crisis with Fed Chair Powell on Tuesday
Worried about a recession? Here are 3 ways to 'bear-proof' your moneyReplayMore Videos ... (15 Videos)Worried about a recession? Here are 3 ways to 'bear-proof' your moneySri Lankans 'losing patience and hope' amid economic crisisHere's what Germany's economy minister proposes for tackling inflationWorld Economic Forum Founder stresses cooperation to tackle war and pandemic challengesLuxury watchmakers see good times ahead as shoppers returnInflation is pushing up high fashion prices. Luxury buyers don't seem to mindTypical monthly payment for US home up 42% in a yearMoody's chief economist: 'Uncomfortably high' risk of recession in USDeloitte CEO on stagflation fears and how Ireland is positioned for the futureBig Tech and Ireland: How the combination made Ireland one of Europe's wealthiest countries How soaring diesel prices may impact consumersTrivago CEO predicts strong summer travel season despite inflationHere's what investors are worried about as retail stocks plungeStrategist explains why we've 'reached peak inflation'What shape might the next recession take?New York (CNN Business)President Joe Biden plans to discuss high inflation in a meeting on Tuesday with Federal Reserve Chairman Jerome Powell, a White House official tells CNN.
Biden is scheduled to meet with Powell at a time when prices are rising rapidly on everything from gasoline and food to housing.The president plans to congratulate Powell on his recent confirmation by the US Senate to another four-year term as chairman of the Federal Reserve, the White House official said.The Fed's favorite inflation measure fell in April, but prices are still uncomfortably highBiden will also discuss the "state of the American and global economy and discuss the president's top economic priority: addressing inflation to transition from an historic economic recovery to stable, steady growth that works for working families," the official said.The Fed declined to comment on Tuesday's meeting, referring questions to the White House.Read MoreThe Powell-led Fed has been criticized for being slow to address high inflation by ending emergency support for the economy and beginning interest rate hikes.However, the Fed has vowed to swiftly raise interest rates and earlier this month hiked rates by half a percentage point for the first time since 2000. The US central bank has signaled further aggressive rate hikes in the months to come.Recent economic indicators have raised optimism that inflation may have peaked at 40-year highs in March, although economists warn it could take considerable time before inflation returns to healthy levels.Click Here To Get Funded!