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Federal Reserve Chairman Jerome Powell testifies Tuesday earlier than the Senate Banking Committee as a part of his affirmation course of to move the central financial institution for a second time period.
Powell will deliver prepared remarks then take questions from panel members. In making his case for one more time period, he mentioned the financial system is recovering strongly from the pandemic plunge and the banking system is in strong form.
On the similar time, he expressed considerations about inflation and mentioned the Fed will take the required steps to regulate rising costs.
“The Federal Reserve works for all People. We all know our selections matter to each particular person, household, enterprise, and group throughout the nation,” he mentioned in his assertion to the committee. “I’m dedicated to creating these selections with objectivity, integrity, and impartiality, primarily based on the very best out there proof, and within the long-standing custom of financial coverage independence.”
Powell’s look shall be adopted Thursday by a listening to for present Fed Governor Lael Brainard, who has been nominated for the vice chair place.