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Your Evening Briefing: Biden Defers to the Fed on Inflation Fight

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Jerome Powell, chairman of the US Federal Reserve, takes the oath of office during a ceremony in Washington on May 23. President Joe Biden said Tuesday that lowering inflation is his main goal, but that it’s primarily the job of the Fed to see it through.

Jerome Powell, chairman of the US Federal Reserve, takes the oath of office during a ceremony in Washington on May 23. President Joe Biden said Tuesday that lowering inflation is his main goal, but that it’s primarily the job of the Fed to see it through.

Photographer: Bloomberg 

US President Joe Biden used a rare meeting with Federal Reserve Chair Jerome Powell to declare his respect for the central bank’s independence (a significant shift from the previous administration). He also emphasized that, though fighting price increases remains his top priority, that work is primarily the purview of the central bank. “My plan is to address inflation. That starts with a simple proposition: respect the Fed, respect the Fed’s independence, which I have done and will continue to do,” Biden said. On Tuesday, markets ended May almost exactly where they started, with a late-session drop depositing the S&P 500 less than a point higher than its level a month ago. Here’s your markets wrap

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