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Federal Reserve Chairman Jerome Powell testifies Tuesday earlier than the Senate Banking Committee as a part of his confirmation 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.
At the identical time, he expressed considerations about inflation and mentioned the Fed will take the mandatory steps to regulate rising costs.
“The Federal Reserve works for all Americans. We know our selections matter to each particular person, household, enterprise, and neighborhood 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 one of the best out there proof, and within the long-standing custom of financial coverage independence.”
Powell’s look will probably be adopted Thursday by a hearing for present Fed Governor Lael Brainard, who has been nominated for the vice chair place.