Economics
Fed’s Powell, Brainard Stress U.S. Inflation Battle Is Priority
- Powell: Will use tools to stop inflation from being entrenched
- Brainard says to put ‘working Americans’ at heart of Fed work
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Federal Reserve Chair Jerome Powell pledged to “use our tools” to aid jobs and battle fast-rising consumer prices as President Joe Biden chose him to lead the U.S. central bank for another four years and elevated Governor Lael Brainard to be vice chair.
“We know that high inflation takes a toll on families, especially those less able to meet the higher costs of essentials like food, housing, and transportation,” Powell said Monday in brief remarks at the White House after Biden announced his pick. “We will use our tools both to support the economy and a strong labor market, and to prevent higher inflation from becoming entrenched.”