US President Joe Biden speaks during a press conference.
Samuel Corum / Getty Images
President Joe Biden is expected to speak on the economy and tackling inflation on Tuesday, outlining the top concerns Fed chief Jerome Powell must address in his second term as head of the US Federal Reserve.
Biden will “make comments on the economy and price cuts for the American people,” the White House announced on Sunday. He then travels to Nantucket, Massachusetts, where he will spend the Thanksgiving holiday.
The White House announced Monday that Biden Powell would head the Federal Reserve for another four years.
Powell is a Republican and former private equity manager who took the reins of the Fed in 2018 after being nominated by former President Donald Trump. As Fed chairman, he has generally voted in favor of easing banking regulation, a move that has been criticized by progressives. Progressives have also criticized Powell’s stance on the Fed’s role in curbing climate change.
“The re -pointment of Chairman Powell is a very positive development for markets and the economy as it provides continuity at a critical time,” said Chris Zaccarelli, chief investment officer of the Independent Advisor Alliance, in a statement via email.
The election was widely viewed as a safe bet for Biden, who faces political heat in the face of rising prices for food, gas, energy and rent.
“The economy is experiencing spike in inflation and the Fed has already taken steps to reduce its extraordinary stimulus measures (t -ering), but they need to tackle inflation threats faster so they don’t get stuck,” Zaccarelli said.
Rising inflation has given Biden’s political opponents plenty of ammunition against the president and his economic agenda. Republicans have beaten Biden and the Democratic Party for pushing through two more than $ 1 trillion spending packages in the past few months, which they believe will add to soaring prices.
The White House has repeatedly said that neither the Infrastructure Act nor the Social Spending Act, known as the Build Back Better Act, will add to inflationary pressures, a point Biden is likely to repeat on Tuesday.
“Wall Street’s leading economists and independent experts have confirmed it [the Build Back Better bill] will not increase inflationary pressures, “Biden said in a statement after the House of Representatives passed the measure on Friday. “Instead, it will increase the c -acity of our economy and cut costs for millions of families.”
Over the weekend, Senator Jon Tester (D-Mont.) Urged Biden to -point Powell, saying the delay stifled the Fed’s ability to fight inflation.
“I think we have problems that revolve around inflation, on which he can not change much as long as it is not confirmed,” said Tester on Sunday at “Meet the Press”. “He must be -pointed.”
Write to Sabrina Escobar at [email protected]