Jerome Powell Will Acknowledge Inflation’s Toll

“Jerome Powell, the Federal Reserve chair whom President Biden has nominated for a second four-year term, is set to tell senators on Tuesday that central bankers will use their economic tools to keep inflation — which has been high — from becoming entrenched,” the New York Times reports.

“Mr. Powell, who is scheduled to testify before the Senate Banking Committee as he seeks confirmation, faces reappointment at an anxious economic moment. Inflation is running at the fastest pace in nearly 40 years. While economists have hoped for months that it would soon fade, that has yet to happen. Higher prices are chipping away at household incomes, even as wages rise and as companies hire at a solid clip.”