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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 go the central financial institution for a second time period.
Powell will ship ready remarks then take questions from panel members. In making his case for an additional time period, he mentioned the economic system is recovering strongly from the pandemic plunge and the banking system is in stable form.
On the similar time, he expressed issues about inflation and mentioned the Fed will take the mandatory steps to regulate rising costs.
“The Federal Reserve works for all People. We all know our selections matter to each individual, 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 most effective out there proof, and within the long-standing custom of financial coverage independence.”
Powell’s look will probably be adopted Thursday by a listening to for present Fed Governor Lael Brainard, who has been nominated for the vice chair place.