Biden confirms support for Fed independence

US president Joe Biden has told Jay Powell that he will respect the independence of the Fed.

Speaking at a meeting with Powell at the White House, Biden said, “My plan…is to respect the Fed’s independence which I will continue to do”. He continued, “Chair Powell and members of the Fed…have been laser focused on addressing inflation”.

Biden reappointed Powell for a second term 4-year term as Fed chair last year.