President Joe Biden said he believes the surge in U.S. inflation is temporary and that he has told Federal Reserve Chairman Jerome Powell that he respects the central bank’s independence.
Biden said Monday at the White House that recent price increases are “temporary,” countering Republican arguments that the president’s economic spending plans would cause inflation to spiral out of control.
But he also emphasized that he wouldn’t interfere with the central bank’s policies: “As I made clear to Chairman Powell of the Federal Reserve when we met recently, the Fed is independent. It should take whatever steps it deems necessary to support a strong and durable economic recovery.”
The U.S. saw the largest surge in consumer prices in more than 12 years last month, with a Labor Department gauge rising 5.4% compared to one year ago. The House Republicans’ campaign arm targeted vulnerable Democrats with online ads around the July 4 holiday decrying price increases for “burgers, buns, propane, gas.”
A significant portion of the recent inflation is tied to sectors experiencing parts shortages or surging demand stemming from the economy’s reopening, including cars, hospitality and lumber -- a point stressed by Biden in his remarks.
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