WASHINGTON: President Joe Biden on Tuesday holds a rare White House meeting with the head of the Federal Reserve, Jerome Powell, to discuss soaring inflation and White House attempts to tame the politically damaging price surge ahead of midterm elections.
Inflation of more than 8 per cent is casting a heavy shadow on Biden's claims to be steering the US economy back to health after the COVID-induced crash. Federal Reserve Governor Christopher Waller said Monday that he backs several more half-point rate hikes -"until I see inflation coming down closer to our 2 per cent target".
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