Joe Biden has been fretting about high inflation for months, knowing that rising prices are undermining the strong US recovery and souring Americans’ views of the economy and his presidency.
This week, the president has embarked on a new effort to burnish his inflation-fighting credentials, even though his ability to quickly reverse the pernicious economic and political dynamic resulting from higher prices is limited.
On Tuesday, Biden called Jay Powell, the chair of the Federal Reserve, to the White House to offer his backing for the central bank to do what it takes to blunt inflation, as it presses ahead with tighter monetary policy and rising interest rates.
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