US Senate set to confirm Powell for second term as central bank chief | Malay Mail

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WASHINGTON, May 12 — The US Senate was poised today to confirm Jerome Powell to a second term as head of the Federal Reserve, as the central bank works to crush soaring inflation. The vote will come as inflation has hit a 40-year high, fuelled by the conflict in Ukraine and ensuing sanctions...

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WASHINGTON, May 12 — The US Senate was poised today to confirm Jerome Powell to a second term as head of the Federal Reserve, as the central bank works to crush soaring inflation.

His confirmation was delayed by a drawn-out process to approve Lisa Cook to join the Fed board — the first Black woman to serve in the post — who was finally confirmed on Tuesday with only Democratic votes. “I put forward highly qualified nominees to lead that institution, and I strongly urge the Senate to confirm them without delay,” he said Tuesday.

The challenge for Powell and the Fed is to turn down the heat on inflation without tipping the United States into recession, but he has expressed confidence that the economy is strong enough to withstand the tighter monetary policy.

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