Your Evening Briefing: Biden Defers to the Fed on Inflation Fight
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US President Joe Biden used a rare meeting with Federal Reserve Chair Jerome Powell to declare his respect for the central bank’s independence (a significant shift from the previous administration). He also emphasized that, though fighting price increases remains his top priority, that work is primarily the purview of the central bank. “My plan is to address inflation. That starts with a simple proposition: respect the Fed, respect the Fed’s independence, which I have done and will continue to do,” Biden said. On Tuesday, markets ended May almost exactly where they started, with a late-session drop depositing the S&P 500 less than a point higher than its level a month ago. Here’s your markets wrap.
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