WASHINGTON, Jan 11 ― Federal Reserve Chair Jerome Powell will highlight the central bank's efforts to fight inflation and stabilise the US economy at his confirmation hearing, according to testimony released yesterday.
Powell's testimony today before the Senate Banking Committee comes after President Joe Biden nominated him for a second term leading the central bank as the US economy deals with a wave of record-high inflation that's prompted critics to accuse the Fed of complacency. “We are strongly committed to achieving our statutory goals of maximum employment and price stability. We will use our tools to support the economy and a strong labour market and to prevent higher inflation from becoming entrenched.”last week of Vice Chair Richard Clarida's activity in the stock market in February 2020, just weeks before it plunged as the Covid-19 pandemic began.
In a letter sent Monday, Democratic Senator Elizabeth Warren, citing the Times' reporting, asked “that the Federal Reserve... release all available information about the trades by Fed officials” by next Monday.
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