President Biden, Fed Chairman Jerome Powell faces inflation at its peak in 40 years

President Biden discussed measures to meet high inflation at a White House meeting with the central bank governor Jerome Powell as his administration signals growing urgent need to ease rapidly rising prices that threaten the US economy.

Tuesday’s meeting highlighted how much the White House is dependent on external forces to help fight the highest inflation in four decades. Government officials had previously toned down inflation concerns while promoting the $ 1.9 trillion Covid-19 aid package in March 2021 and seeking additional spending on health care, education and climate change last year.