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erienewsnow.com 11 Jan, 2022 02:45 am

Jerome Powell's pitch for a second term: America can't afford runaway inflation - Erie News Now

Jerome Powell's pitch for a second term: America can't afford runaway inflation - Erie News Now
By Matt Egan

"We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing and transportation," Powell said in the remarks released ahead of his confirmation hearing on Tuesday."We will use our tools to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched," said Powell."The economy has rapidly gained strength despite the ongoing pandemic, giving rise to persistent supply and demand imbalances and bottlenecks, and thus to elevated inflation," Powell said.Powell said in his prepared remarks that during his first term at the Fed, the central bank has continued to ensure a "strong and resilient" financial system.

By Matt Egan Federal Reserve Chairman Jerome Powell is pledging not to allow inflation to become ingrained in the American economy, according to prepared remarks released on Monday."We increased capital and liquidity requirements for the largest banks—and currently, capital and liquidity levels at our largest, most systemically important banks are at multidecade highs," he said.

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