Joe Biden will meet Jerome Powel on Tuesday with inflation at a decade high

United States.- President Joe Biden meets this Tuesday with the head of the Federal Reserve (Fed), Jerome Powel, to address the situation of the US and world economy, according to the Bloomberg agency.

The meeting, the first since Biden said last year that he intended to nominate Powell for a second Fed term, comes at a time when inflation is at levels not seen in decades.

Last Friday, the last known price indicator in the United States was published (the April core private consumption deflator, the Fed’s preferred measure of inflation according to analysts), which showed an increase of 6.3%, more than three times the 2% target set by the US central bank.

Bloomberg notes that the data shows that US consumer spending is holding up as households dip into savings.

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The Fed raised interest rates by half a point in early May, to a range of between 0.75% and 1%.

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