Federal Reserve Chairman Jerome Powell acknowledged that President Biden’s administration has failed to curb inflation, years after the president declared it a “top priority.”
Made by Powell Comments made during a speech at the U.S.-Canada Policy Forum on Tuesday. He said the Fed is unlikely to change interest rates until inflation narrows further.
“Recent data shows solid growth and continued strength in the labor market, but also shows a lack of further progress on returning to the 2% inflation target so far this year,” Powell said. “
He added: “Recent data clearly does not give us much confidence. On the contrary, it indicates that achieving that confidence is likely to take longer than expected.” “Having said that, we believe the policies are in place to address the risks we face.”
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Federal Reserve Chairman Jerome Powell acknowledged that President Biden’s administration has failed to curb inflation, years after the president declared it a “top priority.” (AP Photo/Alex Brandon)
Powell’s comments come just over two years after Biden declared combating inflation to be his administration’s “top priority” in his 2022 State of the Union address.
Biden reiterated his commitment to the issue in a statement last week, acknowledging the need for more progress.
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“Fighting inflation remains my top economic priority. We are making progress. Wages are rising faster than prices, incomes are higher than before the pandemic, and unemployment is at an all-time high. “It has remained below 4% for the longest period in 50 years.” Statement in response to the consumer price index for March.
Powell’s comments come just over two years after Biden declared combating inflation to be his administration’s “top priority” in his 2022 State of the Union address. (Photo by Win McNamee/Getty Images)
Inflation and the economy remain top issues for voters heading into the 2024 election, with most polls showing it’s the second-ranked topic for most Americans after immigration. .
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On this issue, support for Mr. Trump is increasing even among traditionally Democratic supporters. An Axios/Ipsos poll conducted last week found that 20% of Latinos think: Biden is “It’s good for the U.S. economy,” while 42% of respondents said the same about former President Trump. When it comes to immigration, 22% say Biden is “good” and 29% say the same about Trump.
Trump is trying to capitalize on Biden’s unpopularity on economic and immigration issues. (Fox News Digital Probe Media)
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Biden also underperformed Democrats across the board, with the party outperforming the presidential candidate by 1 to 2 percentage points on each poll question.
