Business

Biden to Meet Fed Chair as Inflation Bites US Pocketbooks

Published

4 years ago

May 31, 2022

A gas tank driver delivers 8,500 gallons of gasoline at an ARCO gas station in Riverside, Calif., Saturday, May 28, 2022. (AP Photo/Damian Dovarganes)

WASHINGTON (AP) — President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks and the president’s public approval.

Tuesday’s meeting is the first since Biden renominated Powell to lead the central bank and comes weeks after his confirmation for a second term by the Senate. It also represents something of a reversal by Biden as inflation has evolved as a threat. The president asserted in April 2021 that he was “very fastidious about not talking” with the independent Fed and wanted to avoid being seen as “telling them what they should and shouldn’t do.”

The White House initially portrayed the inflation surge as a temporary side effect caused by supply chain issues as the U.S. emerged from the pandemic. Republican lawmakers were fast to criticize Biden’s $1.9 trillion coronavirus relief package from last year as pumping too much money into the economy and causing more inflation. That narrative also has held some sway with leading economists who say the financial support was excessive even though it helped the job market roar back.

Biden now faces an increasingly global challenge as energy and food costs jumped after Russian President Vladimir Putin ordered the invasion of Ukraine in February. Simultaneously, China imposed lockdowns tied to coronavirus outbreaks that further strained supply chains. This has left the European Union nursing record inflation and the risks of a recession, while U.S. consumers are increasingly disgruntled by gasoline prices averaging a nominal record of $4.62 a gallon.

The White House said the president and Powell would discuss the state of the U.S. and global economies. Their shared goal is to move the U.S. from its robust rebound and high inflation to low inflation and steady growth.

“The most important thing we can do now to transition from rapid recovery to stable, steady growth is to bring inflation down,” Biden said in an op-ed posted Monday by The Wall Street Journal. “That is why I have made tackling inflation my top economic priority.”

Consumer prices are 8.3% higher than a year ago, about four times the Fed’s target. Powell has acknowledged the U.S. central bank has limited tools to respond to supply shocks, and one of the major uncertainties is whether the Fed can bring inflation down without causing a recession in the U.S.

The administration also has few means for curbing inflation, possibly putting Biden’s political fortunes at the mercy of global markets. The president has twice ordered the release of oil from the U.S. strategic reserve, only to see a short-term and muted impact on gas prices. He’s also launched efforts to help ports clear shipping containers faster.

The administration has also proposed greater enforcement of antitrust and other laws in hopes of reducing prices for consumers, while arguing that federal deficit reduction would also help. Yet Biden’s domestic agenda faces an unclear path in Congress.

Powell has pledged to keep ratcheting up the Fed’s key short-term interest rate to cool the economy until inflation is “coming down in a clear and convincing way.” Those rate hikes have spurred fears that the Fed, in its drive to slow borrowing and spending, may push the economy into recession. That concern has caused sharp drops in stock prices in the past two months, though markets rallied last week.

Powell has signaled that the Fed will likely raise its benchmark rate by a half-point in both June and July — twice the size of the usual rate increase.

Biden, in his op-ed, indicated that the record-setting pace of job creation in the aftermath of the pandemic would slow dramatically, suggesting more moderate levels of 150,000 jobs per month from 500,000. He said, “It will be a sign that we are successfully moving into the next phase of recovery—as this kind of job growth is consistent with a low unemployment rate and a healthy economy.”

Ahead of the meeting Biden pledged not to interfere in the Fed’s decision-making, but suggested that he and Powell are aligned on addressing inflation.

“My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation,” Biden wrote. “I won’t do this. I have appointed highly qualified people from both parties to lead that institution. I agree with their assessment that fighting inflation is our top economic challenge right now.”

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Business

U.S. Marine Veteran Receives Refurbished Vehicle Through NABC Recycled Rides Program

Published

2 weeks ago

June 12, 2026

FNN NEWS

DAVIE, Fla. (FNN NEWS) — A U.S. Marine Corps veteran and his family received a life-changing gift on June 11 when they were presented with a fully refurbished vehicle through the National Auto Body Council’s (NABC) Recycled Rides® program.

The donation was made possible through a partnership between vehicle donor Allstate, repair partner Crash Champions, and several industry sponsors. The presentation took place at Crash Champions’ Davie, Florida, collision repair center.

Veteran Receives Reliable Transportation

The recipient, Sergio Hernandez, was nominated by the Wounded Warrior Project, one of the nation’s leading veterans service organizations dedicated to supporting post-9/11 veterans, active-duty service members and their families.

Hernandez and his wife received a refurbished 2018 Toyota RAV4 donated by Allstate and restored by Crash Champions technicians.

“This vehicle is beautiful, super clean, just near mint,” Hernandez said. “Reliability is a huge thing. This will take a burden off our shoulders not having to worry about maintenance or any of the issues we were having with prior vehicles. I’m truly grateful for it.”

From Military Service to Civilian Life

Hernandez served in the United States Marine Corps beginning in 2015, with assignments in South Korea, Japan and the Philippines. During his service, he suffered a back injury that required extensive therapy and rehabilitation.

After leaving the military, Hernandez used GI Bill benefits to earn a bachelor’s degree in business management. However, transportation challenges remained a significant obstacle for his growing family.

With a non-operational vehicle and mounting repair costs, reliable transportation had become a pressing need. The donated vehicle will help Hernandez commute to work, attend family appointments and provide safe transportation for his wife and two young children.

Industry Partners Make a Difference

Allstate has donated more than 300 vehicles through the NABC Recycled Rides® program, making it one of the program’s largest vehicle donors.

Crash Champions has also played a major role, gifting more than 250 vehicles to individuals and organizations in need through the initiative.

Additional partners supporting the donation included Enterprise, Tire Kingdom, AutoZone, J&A Auto Restore, ATE, Advanced Remarketing Services, Copart and Cars for Charity.

Business

Orlando Regional REALTOR Association Event Highlights Orange County Growth, Housing Trends and Economic Outlook

Published

2 months ago

April 19, 2026

Willie David

Credit ORRA: Maria Henson — Senior Director of Market Research & Insights, Visit Orlando

ORLANDO, Fla. (FNN) — The Orlando Regional REALTOR Association (ORRA) hosted its second annual State of Real Estate event for Orange County on April 17, bringing together industry professionals, policymakers and community leaders to examine the region’s housing market and economic outlook.

Held at ORRA’s headquarters in Orlando, the event focused on the evolving dynamics of residential and commercial real estate across Central Florida. Discussions centered on housing affordability, economic growth and long-term regional development.

Speakers and Panelists

Lawrence Yun — Chief Economist, National Association of REALTORS
Maria Henson — Senior Director of Market Research & Insights, Visit Orlando
Racquel Asa — Head of External Affairs, Central Florida Expressway Authority
Amy Mercado — Property Appraiser, Orange County
Chris Atwell — Moderator, 2026 ORRA President

Industry experts said Central Florida’s economy continues to grow, though at a more measured pace. While housing and stock market wealth remain near record highs, job growth is softening, consumer sentiment has declined and loan defaults are rising — creating a market shaped by mixed signals.

Panelists noted the housing market has shifted into a more stable phase compared to the rapid growth seen during 2020 and 2021, with more balance and sustainable conditions.

Despite short-term fluctuations, long-term fundamentals remain strong. Orange County’s tax base has grown significantly since 2023, while the broader Central Florida region has experienced a 23% population increase over the past decade, with more than 1,200 people moving to the area each week.

Infrastructure and tourism were also highlighted as key drivers of future growth. Officials pointed to major roadway investments by the Central Florida Expressway Authority and the region’s continued strength as a tourism hub, drawing more than 75 million visitors in 2024.

“We’re operating in a global economy where interest rates, supply chains and migration policies all influence what happens at the local level,” said ORRA CEO Cliff Long.

Economic Trends Show Mixed Signals
Experts emphasized that strong asset values are being offset by softer job growth and declining consumer confidence.

Housing Market Enters Stable Phase
The market has transitioned from pandemic-driven volatility to a more balanced and sustainable pace.

Growth, Infrastructure and Tourism Drive Future
Population growth, infrastructure investment and tourism continue to support long-term expansion in Central Florida.

ORRA’s Impact and Benefits on the Real Estate Industry

The Orlando Regional REALTOR Association provides critical market insights, advocacy and professional resources for REALTORS® across Central Florida. Its events foster collaboration between industry leaders, policymakers and the community, helping guide responsible growth, inform housing policy and strengthen the regional real estate market.

Business

Walmart’s Road to Open Call Returns to Orlando, Offering Small Businesses Access to National Retail Opportunities

Published

2 months ago

April 15, 2026

Willie David

Florida National News

ORLANDO, Fla. (FNN) — Walmart, in partnership with the Hispanic Chamber of Metro Orlando, will host the 2026 Walmart Road to Open Call pitch event on May 21 in Orlando, offering small businesses the opportunity to present their products directly to Walmart buyers.

The Orlando event is the only Florida stop in 2026 and is part of a nationwide initiative designed to support small business growth, expand supplier diversity and strengthen U.S. manufacturing.

OPPORTUNITY FOR SMALL BUSINESSES

The Road to Open Call serves as a pathway for entrepreneurs to connect with Walmart’s sourcing team, refine their pitches and prepare for the company’s annual Open Call event in Bentonville, Arkansas.

Applications are open through May 1 at 10 p.m. EST. A select group of applicants will be chosen to participate in the Orlando event, where each business will receive a 30-minute, one-on-one pitch meeting with a Walmart buyer, along with feedback and mentorship.

Top participants may earn a fast pass to Walmart’s annual Open Call, where they can pitch for potential placement in Walmart stores or online.

FOCUS ON U.S.-MADE PRODUCTS

Walmart’s Open Call is the company’s largest sourcing event for products made, grown or assembled in the United States. The program is open to businesses across industries, including food and beverage, beauty, safety and consumer goods.

“The Road to Open Call provides a powerful platform for small businesses to grow and scale,” said Mark Espinoza, senior director of public affairs at Walmart. “By connecting entrepreneurs directly with our sourcing teams, we’re helping bring innovative, U.S.-made products to customers while supporting American jobs and local economies.”

LOCAL IMPACT AND ECONOMIC GROWTH

Local leaders say the initiative strengthens both entrepreneurship and the regional economy.

“We are proud to join forces with Walmart for the second consecutive year to bring this opportunity to the business community,” said Pedro Turushina, president and CEO of the Hispanic Chamber of Metro Orlando. “This initiative supports entrepreneurs and helps small businesses access national retail opportunities.”

Since launching in 2014, Walmart’s Open Call has helped thousands of small and midsize businesses become suppliers, while more than 85% of Walmart shoppers report valuing U.S.-made products.