June 30, 2022

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USA, Biden-Powell meeting today: Federal Reserve actions to combat inflation and risks to growth are on the table

Milan – How to counter the rise in inflation without jeopardizing the strong growth observed after the Covid emergency. This will be the main topic at the center of the meeting scheduled today, at 7.15 pm Italian time, between the US President Joe Biden The number one for the Federal Reserve Jerome Powell. Face-to-face between the two after Powell’s reconfirmation by the US administration.

The meeting comes as the US central bank is preparing to give the green light, at its mid-June meeting, to the first two increases of 50 basis points in interest rates, which have already been explained by the markets. Increases have already appeared on the real economy and in the stock market, which corrected the growth expectations of the US economy.

Biden in the Wall Street Journal: “With the right policies, we will fight inflation.”

The direct confrontation between Biden and Powell was preceded by a major speech by the American president, which was published in the Asharq Al-Awsat newspaper The Wall Street Journal Biden also focused on the issue of inflation. “The global economy is facing major challenges. Inflation is high, exacerbated by Vladimir Putin’s war in Ukraine. Energy markets are in turmoil. Supply chains that are not fully healed are causing shortages and an increase in prices. Americans are concerned,” Biden wrote. “I know how I feel. I grew up in a family where there were consequences when the price of gas or groceries went up. But the American people must have confidence that our economy will handle these challenges from a position of strength.” Outside.

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Biden insisted that “with the right policies, the United States can move from recovery to stable and steady growth and reduce inflation without giving up all these historical gains,” attacking his predecessor Donald Trump for “underestimating the Federal Reserve” and trying to influence its decisions inappropriately. In times when inflation was high.”