Federal Reserve Chair Jerome Powell admitted that President Biden’s administration has failed to reduce inflation, years after Biden declared it a “top priority.”
Powell did comments during a speech at a U.S.-Canada political forum on Tuesday. He indicated that the Federal Reserve is unlikely to change its interest rates until the inflation rate is reduced further.
“The latest data show solid growth and continued strength in the labor market, but also a lack of further progress so far this year to return to our 2% inflation goal,” Powell said.
“Recent data clearly have not given us greater confidence and instead indicate that it will likely take longer than expected to achieve that confidence,” he added. “That said, we believe the policy is well positioned to manage the risks we face.”
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Federal Reserve Chair Jerome Powell admitted that President Biden’s administration has failed to reduce inflation, years after Biden declared it a “top priority.” (AP Photo/Alex Brandon)
Powell’s comments come just over two years after Biden declared fighting inflation to be his administration’s “top priority” in his 2022 State of the Union address.
Biden also reiterated his commitment to the issue in a statement last week, acknowledging the need to make 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 has remained below 4% during the longest period in 50 years,” he said in a statement reacting to the March Consumer Price Index.
Powell’s comments come just over two years after Biden declared fighting 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 elections, with most polls showing it is the number two issue for most Americans, right behind immigration.
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The issue makes Trump gain ground even among traditionally pro-Democratic demographic groups. An Axios/Ipsos poll last week found that 20% of Latinos think Biden is “good for the American economy,” while 42% of respondents said the same about former President Trump. When it comes to immigration, 22% said Biden is “good” on the issue, while 29% said the same about Trump.
Trump seeks to capitalize on Biden’s unpopularity on the economy and immigration. (Probe-Media for Fox News Digital)
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Biden also underperformed in the survey compared to the Democratic Party as a whole, with the party outperforming its presidential candidate by 1% to 2% on every survey question.
