top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.


The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen


31 May 2022

Biden Highlighted Inflation Role of Fed Ahead of Powell Meeting on Tuesday

The Index Today

U.S President Joe Biden said that the Federal Reserve has a primary responsibility to control inflation and vowed not to seek "to influence its decisions inappropriately" ahead of a meeting with the central bank chief on Tuesday.

the White House said late on Sunday that Biden will meet Federal Reserve Chair Jerome Powell to discuss the state of American and global economy.

In a Wall Street Journal opinion piece published Monday, Biden said the Federal Reserve's main role was to control inflation.

He said he agreed with the Fed's assessment "that fighting inflation is our top economic challenge right now."

Biden added the U.S. government should "take every practical step to make things more affordable for families during this moment of economic uncertainty."

Reuters reported that the Fed is under pressure to decisively make a dent in an inflation rate that is running more than three times its 2% goal and has caused a jump in the cost of living for Americans. It faces a difficult task in dampening demand in the economy enough to curb inflation while not causing a recession.

the Commerce Department reported on Friday that there are already signs inflation has peaked. In the 12 months through April, the personal consumption expenditures (PCE) price index, the Fed’s preferred gauge of inflation, advanced 6.3% after jumping 6.6% in March.

©Photo: AFP-JIJI

Clay pottery with table linens
bottom of page