White House: The Fed has ‘the best monetary policies to deal with inflation’

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White House press secretary Karine Jean-Pierre lauded the Federal Reserve Tuesday but would not say whether the rate hikes implemented by Board Chairman Jerome Powell over the past year had slowed inflation. Susan Walsh/AP

White House: The Fed has ‘the best monetary policies to deal with inflation’

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White House press secretary Karine Jean-Pierre lauded the Federal Reserve Tuesday but would not say whether the rate hikes implemented by Chairman Jerome Powell over the past year had slowed inflation.

The Bureau of Labor Statistics announced Tuesday morning that annual inflation saw its sharpest monthly decline since war broke out in Ukraine. Shortly after, President Joe Biden suggested in national remarks that his own economic policies were largely responsible for lowering prices for consumers.

BIDEN HOPES INFLATION WILL NORMALIZE ‘BY THE END OF NEXT YEAR’

Jean-Pierre faced several inflation-focused questions during Tuesday’s White House press briefing but would not say whether the administration thinks the Fed’s policy is working.

“I’m just not going to respond to any actions that the Fed has taken. They are independent. We’re never going to comment about that,” she told reporters. “We believe they have the best monetary policies to deal with inflation, but not going to comment on the actions that they have taken or the actions that they’re going to take.”

Biden vowed during his remarks Tuesday morning to continue fighting to decrease costs for families.

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“Prices are still too high. We have a lot more work to do, but things are getting better,” the president said. “What is clear is my economic plan is working, and we’re just getting started.”

You can watch Tuesday’s briefing in full below.

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