Joe Biden claims inflationary pressures relaxation with Federal Reserve, praises Fed’s ‘extraordinary assist’

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On Wednesday, US President Joe Biden said the country’s central bank was struggling with much of the inflationary pressure the American economy is grappling with today. Biden welcomes the possibility of tightening monetary easing, noting that he “respects the independence of the Fed.”

US President Joe Biden says a “crucial task to ensure elevated prices do not become entrenched rests with the Federal Reserve”

Inflationary pressures have been building in the US as consumers pay far more for goods and services in 2022 and prices have continued to rise over the past year. American consumers are paying more for homes, rent, groceries, commodities, lumber and cars. Just recently, Senator Rand Paul, R-Ky., issued a report saying inflation, or the “hidden tax,” was “only going to get worse.” In addition, reports out Thursday indicated that US jobless claims rose sharply to a three-month high.

Joe Biden claims inflationary pressures rest with Federal Reserve, praises Fed's 'extraordinary support' Joe Biden spoke about inflation at his first press conference of the new year on Wednesday. Biden claims that while Americans have faced major challenges, “a critical role in ensuring that elevated prices do not take hold lies with the Federal Reserve.”

While inflation rose to 7% last month compared to 2020, up from over 6% three straight months earlier, and while retail sales fell sharply in December 2021, US President Joe Biden believes the biggest pressure is on the American central bank weighs heavily. At a press conference on Wednesday, Biden said that Americans “have faced some of the greatest challenges we’ve ever faced in this country in recent years.”

“But we’ll get through it,” Biden added. “And we’re not just getting there — we’re laying the foundation for a future in which America wins the 21st century by creating jobs at record speed, and we need to get inflation under control.” The coronavirus is responsible for much of the country’s economic problems.

“Covid-19 has caused many economic complications, including rapid price increases across the global economy. People see it at the gas pump, in the grocery store and elsewhere,” Biden said. While Americans are seeing the problem firsthand, Biden noted that there is a lot of pressure on the Federal Reserve.

“A crucial task in ensuring that elevated prices do not take hold lies with the Federal Reserve, which has a dual mandate: employment and stable prices,” Biden noted during the press conference.

The American President continued:

The Federal Reserve has provided exceptional support during the crisis over the past year and a half. Given the strength of our economy and the pace of recent price increases, it is appropriate – as Fed Chair Powell has indicated – to recalibrate the support now needed. I respect the independence of the Fed.

Peter Schiff: “POTUS has failed to catch up with the American people on inflation,” Americans disagree Most of the burden of inflation falls on the US Federal Reserve

After the message from the President of the United States (POTUS), economist and gold bug Peter Schiff called out Biden for failing to be honest with Americans about inflation.

“Today, POTUS failed to catch up with the American people on inflation,” Schiff tweeted. “It’s a tax paid on government spending. If people want less inflation, the government has to spend less so the Fed can print less. If the Americans want it [Build Back Better] they will pay for it with higher inflation.”

Joe Biden claims inflationary pressures rest with Federal Reserve, praises Fed's 'extraordinary support' The day after Joe Biden’s press conference, US jobless claims rose to their highest level since October 2021. Source: Bloomberg.

Additionally, many Americans disagree that the bulk of the burden falls on the US Federal Reserve as US citizens and businesses grapple with the loss of purchasing power. “One of my best friends owns a handful of restaurants,” Ryan Stephens, author of the Dialed in Men blog, tweeted Wednesday. “The last 18 months have been hell. All paper products = 55% increase over the last 18 months,” added Stephens.

Stephens went on to emphasize that a box of bacon cost $75 before the pandemic and is now $187. A case of chicken was $35 before the pandemic and $90 today, while frying oil was $20 for a 35-pound piece, $43 today.

tags in this story

American Federal Reserve, Dialed In Men Blog, Economy, Economy, Fed, Fed Chairman, Fed Chairman Powell, Federal Reserve, Inflation, US Inflation, Joe Biden Inflation, Inflationary Pressures, Jobless Claims, Joe Biden, Joe Biden Inflation, Pandemic, Peter Schiff, Pre-pandemic, Prices, Purchasing Power, Rand Paul, Rising Inflation, Ryan Stephens, Jobless Claims, US Economy, US Inflation

What do you think of rising US inflation and Joe Biden’s comments on the Federal Reserve’s handling of the problem? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.

Photo credits: Shutterstock, Pixabay, Wiki Commons, Bloomberg Intelligence,

Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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