It faces a difficult task in dampening demand in the economy enough to curb inflation while not causing a recession.īiden's public approval rating fell this week to 36%, the lowest level of his presidency, as Americans suffered from high inflation, according to a Reuters/Ipsos opinion poll last week, raising alarms that his Democratic Party is on track to lose control of at least one chamber of Congress in the Nov. The Fed is under pressure to decisively make a dent in an inflation rate that is running more than three times its 2% goal and has caused a jump in the cost of living for Americans. President Joe Biden for a discussion called by the White House on state of the American and global economy. Waller's comments came ahead of a meeting on Tuesday between Fed Chair Jerome Powell and U.S. Until we get that, I don't see the point of stopping," Waller said following a speech to the Institute for Monetary and Financial Stability in Frankfurt, Germany, having earlier confirmed he wants that size of rate hike at the next "several" meetings. "I am advocating 50 (basis point hikes) on the table every meeting until we see substantial reductions in inflation. Federal Reserve should be prepared to raise interest rates by a half percentage point at every meeting from now on until inflation is decisively curbed, Fed Governor Christopher Waller said on Monday, underscoring tensions at the central bank about how aggressively to tighten policy as it battles to bring down high inflation.
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