Biden Fed’s Jay Powell meets in Oval Office | Wilnesh News

U.S. President Joe Biden said on Thursday that he “never spoke to Federal Reserve Chairman Jerome Powell” while he was president.

But photos and videos of the meeting show the two meeting in the Oval Office on May 31, 2022, accompanied by Treasury Secretary Janet Yellen, to discuss inflation.

The president made this inaccurate statement during a speech at the Economic Club of Washington, D.C., the day after the Federal Reserve announced its decision to cut interest rates by 50 basis points.

Touting his respect for the Fed’s independence, Biden said, “By the way, I have never spoken to the chairman of the Federal Reserve since I became president.”

Asked by reporters at the White House on Thursday about his apparently inaccurate recollection press conferenceJared Bernstein, chairman of the Council of Economic Advisers, said Biden was referring only to discussions about interest rates.

“The president has indicated that he has not discussed interest rates with Chairman Powell,” Bernstein said. “He has not pressured Powell and has never done so.”

But the mistake undercut Biden’s criticism of former Republican President Donald Trump, who had threatened to challenge the Fed’s independence if he was re-elected.

“Unlike my predecessor, I respect the Fed’s independence as they work to lower inflation. That independence is good for the country,” Biden said on Thursday.

“Losing independence would also cause huge damage to our economy.”

Even in a 2022 meeting with Powell in the Oval Office, Biden emphasized the importance of the Fed’s independence in fighting inflation.

“My plan to address inflation starts with a simple proposition: respect the Fed. Respect the independence of the Fed,” Biden said at the time. “As president, my job is not only to nominate high-quality talent to the agency but to provide them with the space they need to do their jobs.”

Republican presidential candidate Trump said in August that the president should have “at least (a) say” in the Fed’s interest rate decisions.

“Yes, I feel that strongly,” Trump said at a press conference at Mar-a-Lago on August 8.

“I think in my case, I make a lot of money, I’m very successful, and I think in a lot of situations I have better instincts than the people at the Fed or the chairman.”

this wall street journal It was reported earlier this year that Trump’s advisers were working on a plan to include Trump in the Fed’s interest rate decision-making process if Republicans return to the White House in January.