President Joe BidenHe stated Wednesday that he supports the Federal Reserve Chairman Jerome Powell’sIt is expected that the bank will tighten its monetary policies and end all the money-saving measures it used to shield the economy from Covid-19.

Biden indicated that he values the Fed’s autonomy, but stressed that it is charged with controlling inflation.

“Covid-19 is causing a lot more economic difficulties, with rapid price increases in the global economy. In his first press conference for the year, Biden spoke out about the effects of Covid-19.

The president stated, “The Federal Reserve provided exceptional support during crisis for the past year and a quarter.” “Given the strength of our economy and pace of recent price increases, it’s appropriate — as Fed Chairman Powell has indicated — to recalibrate the support that is now necessary.”

Biden made brief, supportive comments. However they are notable as the Fed has nonpartisan powers to create employment and stabilize prices. Ex-President Donald TrumpHe obfuscated historical precedents when he repeatedly and publicly berated the Fed’s decision-makingDespite past attempts, it is now more difficult to borrow.

Trump often used personal attacks to make fun of Powell, the Fed chief. Trump nominated Powell in 2017, a Republican to head the Fed. Biden nominated PowellFor a second term, late in the last year.

Since months, the Fed has been warning that it will raise interest rates soon and decrease the number of Treasury bonds that it buys every month to sustain the U.S. Economy. These moves will increase the cost of borrowing for American companies and reduce corporations’ desire to take on debt.

According to this theory, if companies cannot borrow enough, then they won’t spend as much and the overall economy will slow down. Inflation can be a sign of an overheating economy, and it is often seen as a sign that demand and supply are not in balance.

Democrats as well as the vast majority of economists blaming the global pandemic are to blame for the current inflation. According to them, it will slow down once disruptions in supply chains are fixed.

According to the Labor Department, consumers in America are experiencing higher inflation. paid 7% more for all goods and services in DecemberThey are now higher than 12 months ago. This was the highest year-over-year price rise since 1982.