The White House said the pair would discuss the state of the U.S. and global economy and especially inflation.
President Joe Biden participates in a magnolia tree planting ceremony on the South Lawn of the White House in Washington, Monday, May 30, 2022. – President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans' pocketbooks.
The White House said the pair would discuss the state of the U.S. and global economy and especially inflation, described as Biden's “top economic priority." The goal, the White House said, is a “transition from an historic economic recovery to stable, steady growth that works for working families.” But the economy saw a welcome bit of data Friday, as the Commerce Department said inflation rose 6.3% in April from a year earlier, the first slowdown since November 2020 and a sign that high prices may finally be moderating, at least for now.The inflation figure was below the four-decade high of 6.6% set in March. While high inflation is still causing hardships for millions of households, any slowing of price increases, if sustained, would provide some modest relief.
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