Fed Chair Jerome Powell is confirmed for a 2nd term. Inflation will be his focus

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Jerome Powell was confirmed to a second term as chairman of the Federal Reserve, a powerful post from which he'll lead the central bank's challenging campaign to bring down inflation.

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Federal Reserve Chair Jerome Powell speaks during a news conference in Washington, D.C., on May 4. Powell was confirmed by the Senate to a second term leading the central bank. Fighting inflation will define his legacy.

The 80-19 Senate vote comes as the Fed is under intense pressure to rein in consumer prices, which have been climbing at theIt also caps an unusually combative confirmation process for leadership at the central bank, which is typically more insulated from partisan politics.from Republican senators and a key Democrat over her push to have bank regulators pay more attention to the financial risks posed by climate change.Tuesday, with Vice President Harris casting a tie-breaking vote.

"Inflation is much too high," Powell told reporters earlier this month."We understand the hardship it is causing and we're moving expeditiously to bring it back down."— and telegraphed plans for two more, similar-sized rate hikes in June and July. By raising borrowing costs, the Fed hopes to discourage the sizzling consumption that's been pushing prices higher.

"There may be some pain associated with getting back to that," Powell said last week."But the big pain over time is in not dealing with inflation and allowing it to become entrenched."

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