In his three-part plan outlined yesterday, Biden said that he won't meddle with the Fed:
"First, the Federal Reserve has a primary responsibility to control inflation. My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation. 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."
As such, it will be interesting to see what they will be discussing today. I mean, there is very little to be said if Biden is going to let the Fed do its job and he has no intentions to interfere. I guess he may seek for more clarification from Powell on the Fed's plans but that could arguably be done over the phone.
I'm inclined to believe that the meeting today has some element of being just for the optics. Let's not forget, the US midterm elections is now roughly just five months away. Tick tock, tick tock.