Powell Promises to Use Fed’s Powers to Prevent Higher Inflation from Becoming Entrenched-US News | The Epoch Times

Federal Reserve Chair Jerome Powell, newly appointed for a second four-year term as chief of the central bank, said on Nov. 22 that he would use the Fed’s arsenal to prevent inflation from becoming a more permanent feature of American life. Powell made the remarks at a White House press briefing at which President Joe Biden announced his reappointment while also nominating Lael Brainard, member of the Fed’s governing board, to serve as Federal Reserve 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, acknowledging the disproportionately high impact of accelerating prices on lower-income Americans. “And we use our tools both to support the economy and a strong labor market, and to prevent higher inflation from becoming entrenched,” he added, referring to the Fed’s dual mandate of “maximum employment” …

Tom Ozimek

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