Biden throws weight behind the Fed to slow inflation

Biden throws weight behind the Fed to slow inflation

Writing in the Wall Street Journal on Monday, President Joe Biden championed the Federal Reserve’s efforts to combat inflation. Earlier this month, the Fed approved a half-percentage point interest rate hike to tackle rising prices that are particularly sharp in the energy and food sectors. The Fed has also announced it would shrink its $9 trillion balance sheet to reduce liquidity and cool rising prices. Biden said his office would use available means to reduce the rising cost of living, as statistics from April released last Friday by the Department of Commerce hinted at a slight downturn in consumption expenditures. (Source: The Wall Street Journal)