Biden says inflation is top domestic priority, but Fed admits lack of progress [Video]

Federal Reserve chairman Jerome Powell admitted that President Biden’s administration has failed to shrink inflation, years after Biden declared it a “top priority.”

Powell made the comments during an address at a U.S.-Canada policy forum on Tuesday. He indicated that the Fed is unlikely to shift its interest rates until the inflation rate shrinks further.

“More recent data shows solid growth and continued strength in the labor market, but also a lack of further progress so far this year on returning to our 2% inflation goal,” Powell said.

“The recent data have clearly not given us greater confidence, and instead indicate that it’s likely to take longer than expected to achieve that confidence,” he added. “That said, we think policy is well positioned to handle the risks that we face.”

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Powell’s comments come just over two years after Biden …