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Biden says inflation is temporary, urges Fed to take all necessary steps to recover

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Monday, July 19, 2021 - 17:10
Point Trader Group
Biden says inflation is temporary, urges Fed to take all necessary steps to recover

US President Joe Biden said on Monday that a price increase is expected to be temporary, but his administration understands that failing to curb inflation in the long run will present a "real challenge" to the economy.

Biden added that he told Federal Reserve Chairman Jerome Powell that the US central bank is independent and should take all steps it deems necessary to support a strong and long-term recovery.

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