Fed Official Supports Rapid Interest Rate Increase

A Federal Reserve board member, Christopher Waller, voiced support for raising interest rates by 50 basis points for several meetings and stated his intention to keep raising rates until they stunted the economy and increased unemployment. This aggressive approach to tightening policy has raised concerns among economic figures. Additionally, President Biden is set to meet with Fed Chair Jerome Powell to discuss the state of the American and global economy, marking a rare Oval Office meeting between the two. This comes as Biden wrote an op-ed on inflation, appearing to take a tough stance on the issue while also stating that he would not meddle with the Fed's decisions.