Biden hedges inflation backlash with focus on Fed
By Sylvan Lane
President Biden’s relationship with the Federal Reserve has come under the spotlight as the White House touts the central bank’s leadership of the fight against inflation. Biden met with Fed Chair Jerome Powell at the White House on Tuesday as the administration touts its efforts to curb rising prices. The meeting came one day after the White House laid out a plan for fighting inflation focused on allowing the Fed to act without interference from the administration….”While it is intuitively true that the Fed is independent and the president cannot tell it what to do, he is the lead figure for the economy to whom most Americans look,” said Karen Shaw Petrou, managing partner of Federal Financial Analytics. She cited former President Carter losing his 1980 reelection bid to Reagan despite his appointment of Volcker, whose attempts to curb inflation did not prevent Reagan from winning another term in 1984.