President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans' pocketbooks.
The meeting Tuesday will be the first since Biden renominated Powell to lead the central bank and comes weeks after his confirmation for a second term by the Senate.
The White House said the pair would discuss the state of the U.S. and global economy and especially inflation, described as Biden's top economic priority."
The goal, the White House said, is a transition from an historic economic recovery to stable, steady growth that works for working families.
Inflation in the U.S. hit a 40-year high earlier this year, amid supply chain constraints caused by the global economy's recovery from the pandemic and Russia's invasion of Ukraine.