Powell pledges to bring down inflation during confirmation hearing

Powell pledges to bring down inflation during confirmation hearing


Inflation dominated questioning at Federal Reserve Chairman Jerome Powell’s hearing on Tuesday for confirmation for a second term.

Powell, who was renominated by President Joe Biden to lead the Fed, said that the central bank is prepared to tackle inflation by hiking interest rates and that the economy is now in good enough shape for pandemic-related stimulus to be pared back. He said that the Fed is prepared for the possibility that inflation proves stickier than presumed.

“Our policy has been adapting to this for some months, but … if inflation going to last longer, then that would potentially imply more risk of its persistence and ultimately becoming entrenched, and our policy will respond accordingly,” Powell said,

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