Image President Biden nominated Jerome H. Powell last year for a second term as Federal Reserve chair. Credit... Al Drago for The New York TimesPresident Biden will meet with Jerome H. Powell, the Federal Reserve chair, at the White House on Tuesday to discuss the state of the U.S. and global economy at a challenging moment. Inflation in the United States is running near its fastest pace in four decades, with prices rising for gas, food and rent. Americans have become pessimistic about the economy and their own financial prospects as their paychecks have failed to keep up with inflation. While Mr. Biden has announced some measures aimed at reducing costs, he has made clear that he is relying on the Fed, which is independent of the White House, to help tame inflation.

Source: New York Times May 31, 2022 22:26 UTC