US President Biden backs the Fed’s likely monetary policy tightening

Biden is still going in his wide-ranging news conference. His earlier comments on the Fed are here:

Biden – job to make sure inflation does not become entrenched lies with the Fed

As a bit of a summary, CNBC have this:

  • President Joe Biden on Wednesday said he supports Federal Reserve Chairman Jerome Powell’s expected move to start tightening monetary policy.
  • “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 said.
  • More at the CNBC piece, link here
  • A rate hike in March is expected from the Fed.

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