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President Joe Biden met with Jacinda Ardern, Prime Minister of New Zealand
WASHINGTON (AP) — President Joe Biden and Federal Reserve Chairman Jerome Powell have met to plot a strategy to fight inflation.
Biden hoped the meeting on Tuesday would demonstrate his concern to voters, though he insisted anew the White House will not interfere with the independent central bank’s work. Its highly sensitive task is raising benchmark interest rates in hopes of slowing inflation while also avoiding an economic downturn.
Biden’s appeal to the Fed also reflects his lack of options for fighting inflation. His past attempts, including oil releases from the strategic reserve, improving port operations and calls to investigate price gouging, have fallen short.
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