Biden Says Inflation ‘Temporary,’ Affirms Fed Independence
- Fed should take ‘steps it deems necessary’ for strong recovery
- Republicans are blaming Democrats for increasing inflation
President Joe Biden speaks in the State Dining Room of the White House on July 19.
Photographer: Yuri Gripas/Abaca/Bloomberg
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President Joe Biden said he believes the surge in U.S. inflation is temporary and that he has told Federal Reserve Chairman Jerome Powell that he respects the central bank’s independence.
Biden said Monday at the White House that recent price increases are “temporary,” countering Republican arguments that the president’s economic spending plans would cause inflation to spiral out of control.