US President Joe Biden met Federal Reserve Chairman Jerome Powell on Tuesday as soaring inflation takes a bite out of Americans’ wallets — and the president’s public approval.
Tuesday’s meeting is the first since Mr Biden renominated Mr Powell to lead the US central bank and comes weeks after his confirmation for a second term by the Senate. It also represents something of a reversal by Mr Biden as inflation has evolved as a threat.
"The president underscored to Chairman Powell in the meeting what he has underscored consistently including today - that he respects the independence of the Federal Reserve," White House National Economic Council Director Brian Deese said after the meeting, calling it "very constructive".
Mr Deese also pointed to the "transition" facing the US economy, as the Fed lifts interest rates to more normal levels to dampen demand and ease price pressures, but slowing growth in the process.
"We have run this first leg of the race at a very rapid clip that has put us in the strong position relative to our peers, but this is a marathon and we have to move and shift to stable resilient growth," Mr Deese said.
"We can actually take on inflation without having to sacrifice ... all of those [labour market] gains."
The president asserted in April 2021 that he was “very fastidious about not talking” with the independent Fed and wanted to avoid being seen as “telling them what they should and shouldn’t do”.
The White House has increasingly sought to shift responsibility for inflation to the Fed in public comments, as polls show rising prices are the top concern among voters as November’s midterm elections approach.
In an op-ed published on Monday in The Wall Street Journal, Mr Biden said the Fed has “a primary responsibility to control inflation”.
“My predecessor demeaned the Fed and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation,” Mr Biden wrote. “I won’t do this.”
Former president Donald Trump regularly criticised the central bank, saying it should have been more aggressive in cutting interest rates, and at one point said he was considering demoting Mr Powell.
Paul Volcker, a former chairman of the Fed, said in his autobiography that he was once invited to a meeting with former president Ronald Reagan at the White House where aides told him not to raise interest rates before the election.
Agencies contributed to this report
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
CHELSEA SQUAD
Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.
THE%20HOLDOVERS
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Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
