President Joe Biden remains confident in the Federal Reserve’s ability to get inflation under control even as the cost of living continues to spike, according to White House economist Jared Bernstein.
“The president obviously had great faith in members of the Fed board that he renominated and those added. Our faith in that team remains as strong as ever,” Bernstein told CNN in a phone interview.
In November, Biden renominated Jerome Powell to serve as chairman of the Fed. Powell was originally nominated in 2017 by former President Donald Trump.
Asked if he wishes the Powell-led Fed moved faster to address inflation, Bernstein punted.
“There is a lot of chin-stroking punditry... I’m not going there,” he said.
Bernstein noted that the No. 1 point in Biden’s inflation-fighting agenda is respecting the independence of the Federal Reserve.
“History is littered with presidents interfering with Fed rate hike cycles,” he said, hinting at the infamous Fed-bashing by Trump. “This president has committed to stay out of that knitting.”