Biden, Fed chair Powel meet to discuss record inflation

President Joe Biden met Tuesday with Fed Chair Jerome Powell at the White House to discuss record inflation. 

The president reiterated that his top priority is "addressing inflation" and said it begins with respecting the Fed and the central bank's independence.

Biden promised not to interfere with the Fed’s work to bring down inflation.

"Chair Powell and other members of the Fed have noted at this moment they have been laser focused on addressing inflation, like I am," Biden said, adding that the central bank's monetary policy will "address the crisis for the American people."

National Economic Council Director Brian Deese and Treasury Secretary Janet Yellen, who preceded Powell as Fed chair, also attended the meeting.

US consumer inflation climbed to its highest level in more than 40 years with an annual increase of 8.5% in March and 8.3% in April.

The Fed has started monetary tightening by raising its key benchmark interest rates by 25 basis points in March, and another 50 basis points earlier this month to tame inflation.

Central bank officials, in addition, signaled an additional 50-basis point hike in upcoming meetings in June and July.