Biden Urges Fed To Recalibrate Support For US Economy

During a news conference in the East Room of the White House in Washington, D.C., US President Joe Biden on Wednesday said it is appropriate for the Federal Reserve to recalibrate the support it provides to the US economy, given the strength of the recovery and recent price increases.

“Given the strength of our economy and recent price increases, it’s appropriate, as … Fed Chairman Jerome Powell has indicated, to recalibrate the support that is now necessary,” Biden said.

Biden also called on the US Senate to confirm his recent nominations for key roles on the Federal Reserve Board “without any further delay.”

Inflation and Price Control
Biden said it’s the Federal Reserve’s job to rein in the fastest pace of inflation in decades, and backed the central bank’s plans to scale back monetary stimulus.

“The critical job in making sure that the elevated prices don’t become entrenched rests with the Federal Reserve,” Biden said Wednesday in a press conference marking his first year in office. “Given the strength in the economy, and the pace of recent price increases, it’s appropriate,” as Fed Chair Jerome Powell has indicated, “to recalibrate the support that is now necessary,” Biden added.