Biden Talked Inflation with Fed, Upcoming Picks to Share Concern
(Bloomberg) -- Joe Biden has discussed inflation with the Federal Reserve and is confident that Chair Jerome Powell, as well as the president’s upcoming nominations to the U.S. central bank, are focused on concerns over rising prices.
Biden, speaking to reporters Friday in Nantucket, also signaled that inflation would be a priority for the governors that he will soon nominate to fill vacancies on the Fed’s board.
“I have talked to the Fed about a whole range of things from monetary policy to inflation, and I have confidence that the appointees I’ve made, and I’m going to have three more, are going to reflect that concern,” Biden said.
He declined to elaborate and didn’t specify when or with whom his conversations took place. He also didn’t respond to a question of when he’ll announce the remaining Fed nominees.
Biden this week announced that he would reappoint Powell as chair and selected Governor Lael Brainard to be vice chair, opting for continuity at the central bank at a time when the country is grappling with the fastest rising prices in 30 years.
Biden spoke Friday after a stock market selloff fueled by fears over a new Covid 19 variant. Biden shrugged off markets’ slump.
“Expected. They always do when Covid rises, he said. Asked if it worries him, he replied: “Not at all.”
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