White House plans to spend next month focusing on the economy amid inflation concerns
“For month of June, we are just really communicating how in touch we are with what Americans are dealing with and how it’s our number one economic priority,” one official told CNN.
The effort comes as the White House is facing more questions about whether the economy is going into a recession.
In the Wall Street Journal op-ed, Biden wrote that the “Federal Reserve has a primary responsibility to control inflation.” But Biden also added, “My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation. I won’t do this.”
Biden will also discuss the “state of the American and global economy and discuss the President’s top economic priority: addressing inflation to transition from an historic economic recovery to stable, steady growth that works for working families,” a White House official told CNN.
The Powell-led Fed has been criticized for being slow to address high inflation by ending emergency support for the economy and beginning interest rate hikes. However, the Fed has vowed to swiftly raise interest rates and earlier this month hiked rates by half a percentage point for the first time since 2000. The US central bank has signaled further aggressive rate hikes in the months to come.
This is a breaking story and will be updated.
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