Biden: The Fed must do what it deems necessary to support a strong and lasting economic recovery

US President Joe Biden said that “as our economy has rebounded, we have seen some price increases.” He also added, “I want to be clear that my administration understands that if we experience uncontrolled inflation in the long run, it will be a real challenge for our economy, while we are confident that That is not what we see today, we will remain vigilant about any response needed." Biden confirmed that he told Federal Reserve Chairman Jerome Powell that "the Fed is independent, and it must take whatever steps it deems necessary to support a strong and lasting economic recovery."

Biden explained that his plans to increase investment in infrastructure as well as better care for the elderly and children, will help reduce inflationary pressures in the future by boosting productivity, stressing that "these steps will enhance our productivity and raise wages without raising prices."