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

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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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Federal Reserve chairman Jerome Powell admitted that President Biden's administration has failed to shrink inflation, years after Biden declared it a "top priority." (AP Photo/Alex Brandon)

Powell's comments come just over two years after Biden declared combating inflation to be his administration's "top priority" in his 2022 State of the Union address.

Biden reiterated his commitment to the issue in a statement last week as well, acknowledging the need for more progress.

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"Fighting inflation remains my top economic priority. We’re making progress: wages are rising faster than prices, incomes are higher than before the pandemic, and unemployment has remained below 4% for the longest stretch in 50 years," he said in a statement reacting to the Consumer Price Index from March.

Powell's comments come just over two years after Biden declared combating inflation to be his administration's "top priority" in his 2022 State of the Union address. (Photo by Win McNamee/Getty Images)

Inflation and the economy remain a top issue for voters going into the 2024 elections, with most polls showing it is the number two topic for most Americans, just behind immigration.

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The issue has Trump gaining ground even among traditionally pro-Democrat demographics. A poll last week from Axios/Ipsos found that 20% of Latinos think Biden is "good for the U.S. economy," while 42% of respondents said the same about former President Trump. When it comes to immigration, 22% said Biden is "good" on the issue, while 29% said the same for Trump.

Trump is seeking to capitalize on Biden's unpopularity with the economy and immigration. (Probe-Media for Fox News Digital)

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Biden also underperformed in the poll compared to the Democratic Party in general, with the party beating its presidential candidate by 1% to 2% on each poll question.