President Biden acknowledged Americans are struggling with the high cost of living and threw his weight behind the Federal Reserve’s efforts to fight inflation
“We need to get inflation under control,” Biden said during his opening remarks Wednesday.
Biden pointed out that price stability is the responsibility of the Fed.
“The critical job of making sure elevated prices don’t become entrenched rests with the Federal Reserve, which has a dual mandate: full employment and stable prices,” Biden said.
Biden noted that Americans are seeing rapid price increases at grocery stores, at the gas pumps and elsewhere.
“Given the strength of our economy and pace of recent price increases, it’s appropriate…as Fed Chairman Powell has indicated, to recalibrate the support that is now necessary.”
Biden added that he respects the independence of the Fed.
Biden also detailed his administration’s efforts to fight inflation, including by unclogging supply chains and cracking down on unfair market competition.