New York (CNN Business) President Joe Biden plans to discuss high inflation in a meeting on Tuesday with Federal Reserve Chairman Jerome Powell, a White House official tells CNN. Biden is scheduled to meet with Powell at a time when prices are rising rapidly on everything from gasoline and food to housingThe president plans to congratulate Powell on his recent confirmation by the US Senate to another four-year term as chairman of the Federal Reserve, the White House official said. Biden will also discuss the "state of the American and global economy and discuss the president's top economic priority: addressing inflation to transition from an historic economic recovery to stable, steady growth that works for working families," the official said. The Fed declined to comment on Tuesday's meeting, referring questions to the White House.

Source: CNN May 31, 2022 01:00 UTC