White House Defers to Fed on Inflation Policy

The White House has downplayed expectations for additional anti-inflation policies, pointing to Federal Reserve Chairman Kevin Warsh's statements on the matter.

White House Council of Economic Advisers Chairman Christopher Phelan said that inflation is a Fed issue and they should handle it. He pointed out that Chairmen Warsh has been explicit about this, saying 'inflation's on us, inflation is a Fed thing.'

Phelan also mentioned that world markets expect crude oil prices to fall.