President J Biden on Wednesday expressed that he backs central bank’s Chairman J Powell’s anticipated move to begin tightening of monetary policy and control the rising inflation.
Biden expressed that he respect the central bank’s independence.
Biden said, “Covid-19 has created a lot of economic complications, including rapid price increases across the world economy. People see it at the gas pump, the groceries stores, and elsewhere.
President added, “The Federal Reserve provided extraordinary support during the crisis for the previous year and a half. Given the strength of our economy and pace of recent price increases, it’s appropriate — as Fed Chairman Powell has indicated — to recalibrate the support that is now necessary.”
Although J Biden’s comments were short and supportive, they were significantly notable as central bank is empowered curb rising prices and maximize employment.