White House Gives Fed Some Cover on Rates After Warren Critique

Source: Bloomberg — 

The White House is giving the Federal Reserve leeway to raise interest rates to tame inflation, a day after Democratic Senator Elizabeth Warren warned the central bank’s actions could tip the US economy into a recession.

“We don’t want to step on what the Federal Reserve is going to do. Our goal is to keep bringing down inflation without sacrificing the historic and life-changing economic gains that we’ve seen this country has made over the last 18 months,” White House Press Secretary Karine Jean-Pierre told reporters Monday.

Amid polling indicating inflation is a major political liability for Democrats, President Joe Biden has sought to highlight the Fed’s role in tamping down cost increases.